Free Stock, Commodity, Forex Trading Tips & Education Articles

MCX CRUDEOIL & GOLD – Big Pictures

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Bearish signals remain for crude oil price

free mcx crude oil daily chart xalls

Timeframe: Daily
After making a high of 9996, the price started forming a descending channel. The channel has been occurring for more than 39 weeks. 7735 was a crucial resistance level where the price tried to test for three attempts but failed to maintain bullish momentum.

The price has broken down the descending parallel channel and closed below the recent lower low to create a new low. Bearish momentum can lead price to the following targets: 5700 – 5600.

Trade will be invalid if the price sustains above the upper band of the descending parallel channel.

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Will Gold survive above the 55000 level?

Free mcx gold chart calls

Timeframe: Daily

MCX GOLD has broken out of the 10-week-old upper resistance band of the parallel channel and moving forward to the crucial resistance of 55000.

After breaking the swing high of 53663, the price faced resistance until demand pressure turned the level into support. Currently, gold is showing a bullish sentiment, which may lead to the following targets: 54740 – 54900 – 55000+.

Note: the resistance line is currently providing support after the breakdown, but closing into the channel will increase selling pressure.

We will update further information soon.

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Nifty & Stock Trading Calls Report of November 2022

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To Free Subscribers,
We sent you the following intraday and positional trading calls in the previous month.

P/L Report of November 2022
    • BUYOCT 20 – HINDALCO +38,700/ 1 lot
    • BUY OCT 31 – NIFTY +37,500/ 1 lot
    • BUY NOV 3 – PRECWIRE +2310 / 100 shares
    • BUY NOV 6 – ASIANPAINTS +14,000/ 1 lot
    • BUY NOV 7 – TATA STEEL +12,750/ 1 lot
    • BUY NOV 9 – HDFC +43,800/ 1 lot
    • BUY NOV 29 – BDL +3600/ 100 shares
      • BUY NOV 16 – EPL 1600/ 100 shares
      • BUY NOV 17 – HAL +1,00,225/ 1 lot
      • BUY NOV 17 – MINDACORP +1500/ 100 shares
      • BUY NOV 17 – HINDUNILVR +29,400/ 1 lot
      • SELL NOV 17 – ADANITRANS +22,500/ 100 shares
Total P&L = Rs.3,07,885
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Bullish Cup and Handle Pattern

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Version 2.0: Publish Date 20/11/2012

bullish cup and handle

Type: bullish continuation

A cup and handle is a popular chart pattern among technicians. It had developed by William O’Neil and introduced in 1998. As the name suggests, the pattern is shaped like a cup with a handle. The shape of the cup is “U”, and the handle is pointing downward. The cup has a “U” shape and a downward-pointing handle. The ending point of the handle indicates buying opportunity. As soon as this part of the price formation is complete, the stock may reverse course and reach higher levels.

1. Prior trend: We are trading bullish continuation Cup & handle. So, the prior trend should be upward. It shows that the price will continue to trend after a retracement of the previous impulse. Buyers are generating demand to push the trend.

2. Construction: “U” shaped bottoms are an ideal pattern and more reliable than “V” bottoms because there is almost no consolidation in this case. The perfect pattern would have equal highs on both sides of the cup, but this does not often occur.

3. Duration: It is possible to spread the cup out over 1 to 6 months, and occasionally longer. The handle should form and finish over a period of 1-4 weeks.

4. Breakout: The pattern confirms a bullish trend when it breaks above the neckline formed by the previous highs with good volume. A buy point is reached when the stock breaks out or moves upward through the old resistance level (right side of the cup).

5. Volume: During the base of the bowl, the volume should decrease as prices decline, remaining lower than average; then, it should increase when the stock begins to move higher, back up to the previous high.

6. Timeframe:

  • Cup and handle patterns can unfold over weeks or months.
  • Adapt your trading strategy to your preferred time frame.

7. Profit targets: It is calculated based on the depth of the cup as a profit target. The breakout level can be determined by extending the distance from the bottom of the cup to the neckline and measuring upward from there.

8. Stop-loss: It is ideal to place the stop-loss at the bottom of the handle. Also, You can place the stop-loss below the swing low if the price oscillated within the handle several times.

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NIFTY Weekly Overview – 05 December 2022

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Did you read the previous Outlook of Nifty 50? Click here: NSE NIFTY Weekly Overview – 31 October 2022 Result of the previous outlook: We discussed the importance of closing above the pivot level in our previous outlook. The price was trading at 17786, and it has broken out of the dynamic resistance line. My outlook for the month was bullish.
I had written clearly, “Can you imagine that one bullish candle could reach the 19000 targets in every advisor’s notebook?”
  • Price has made a new high of 18998 in the future market.
Where do we go from here? Timeframe: weekly Free nse nifty chart calls Continue reading