As per the above chart, the parallel channel’s uptrend line can use as a stop loss.
Hurdle: 162.6
Based on the current trend:
Uptrend targets: 165 – 170+
Based on Fib. Retracement:
Downtrend targets: 158.2 – 152.2 – 149.2
Accurate entry-level, targets, and stop-loss will update for the premium members only by Moneymunch’s mobile app.
Keep your eyes peeled at the support trendline. It could fly from here for 1.25300 level. But this can happen only after two consecutive positive close.
As per the S RSI, it’s under downtrend. Hence, complete breakout means a direct target of 1.21000.
Note: beware to fakeout.
Gold has made a new high as per the last update based on Elliott wave theory. You can check the last updated chart: This GOLD Elliott Wave Will Confirm The Next Move
For intraday traders:
If that is a right shoulder, C (T1) and C (T2) are the next targets. S RSI is confirming the downtrend by crossover.
For the long-term investor (Hurdle Breakout):
T1: 47560
T2: 47260
T3: 47000
Invalid: Above 48400 OR Head.
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The positive trend will start after a breakout of hurdle.
Targets: 951 – 936 – 925
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As per the following chart, MCX natural gas is under downtrend for a short period. Without fake-out, commodity natural gas prices may drop for 118 – 116 levels below.
How about E? If its price remains above to the support, we will see 126.6 – 128+ soon.
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