Did you read my 23 Nov report on crude oil?
Visit here: Identifying the Crude Oil Price Next Big Move
I had written in bold words, “smart investors can buy for 3260 – 3300 – 3360 – 3400 levels”.
Crude oil has touched the first three targets by making a high of 3376 levels.
Per lot, we have made a profit of 150+ points (Rs.15,000). What else you want in a free subscription?
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Here I have used the three most popular patterns, which are pitchfork pattern, bullish flag pattern, and double top pattern on MCX Nickel daily chart.
First, let’s start with a pitchfork pattern. Nickel is running on the support line area. This movement indicates a continuous uptrend ahead.
The second thing is the bullish flag pattern, which also indicates the same. After a short reversal, nickel will start marching for the following targets: 162 – 164 – 166+
If the trend breaks the support line, there will be an activation of the double top pattern, which indicates the fall to the following levels: 148 – 145 – 142.6
Additionally, a breakout of the neckline is a direct sign of an extreme downtrend. And that will become unstoppable and hit the following levels: 136 – 132 – 128
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MCX Aluminium has started falling due to Elliott Wave’s ABC correction. Expected A is at 100% or 161% retracement of wave 5.
Therefore, it can start rising from here to the level of 164.4. The day traders can have the advantage of this impulsive ride of B.
According to ABC correction, we may see the Aluminium prices below 161.6 – 159.4 before the weekend.
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According to this chart, MCX crude oil is trying to climb upward. It has started upside rally from the beginning of May.
Here, I have applied Volume, DMI, MA, and Fib Retracement to identify the next move. Moving average of 50 & 200 is throwing direct up signals by crossover. And here, ADX is less than 25 but +DI above the -DI. Hence, we have chances to see slow movements.
Smart investors can buy for 3260 – 3300 – 3360 – 3400 levels.
In the previous trading session, it has created a Doji. It’s a direct sign of a reversal or trend continuation. But if it breaks the support line, the crude oil will fall to 88.6% (2982) – 78.6% (2735) of Fib retracement levels.
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In the last two weeks, MCX gold has lost -2003 points. We may see a continued downtrend up to the support line (Range: 49600 – 49200). Intraday traders can play between free-fall by taking it as a target.
As mentioned in the chart, the double bottom pattern will complete when the price fails to break past the two bottoms and heads back to the neckline.
Short-term targets: 50900 – 51860
Long-term targets: 53560 – 53400
But if gold fails to complete the double bottom pattern by breaking the support line, we may see continue downward movements. And the gold price will come at/below 48760 – 48000 levels.
If it happens, I will update you ASAP. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
Silver is growing slowly. According to this chart, silver is trying to move upside from the strong support trendline. It’s a potential reversal point based on a support trendline.
Currently, it has broken a strong support trendline. We have chances to see a tail, fakeout, or excess here. That can be up to a hurdle. And the hurdle breakout is a direct sign of a downtrend.
After all, 200 MA is recommending further advance here. So, we can pick the silver mega lot for the targets of 63000 – 63360 – 63660 – 64000+.
Safe traders can wait for a 50 MA breakout before entering as well.
Click here: Copper detailed reports & tips
In that newsletter, I had written in bold words, “according to a moving average and parallel channel’s support trendline, copper is strongly bullish. It can show us an all-time new high before the end of this month. So, the day traders can buy for the levels of 536 – 540 – 556+“.
On 16 Nov trading session, copper has made a high of 551 and touched the first two targets.
Click here: Will MCX Crude Palm Oil touch the 900?
How many of you bought MCX CPO? I had written, “currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX, we can say that the trend will rise because ADX is greater than 25 (ADX>25), and +DI is above the -DI. Let’s have a look at the volume. Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 – 920 – 960+“.
Currently, CPO is running nearby 926 levels.
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