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.
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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 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% ( ) – 78.6% ( ) of Fib retracement levels.
MCX Gold Measured Moves
Gold has made a Doji in the weekly chart. It’s a direct sign of a reversal. And wherein ADX is less than 25 but +DI above the -DI. Additionally, the 20 MA line is trying to stay downside.
In short, DMI & MA is throwing a strong upward signal. Moreover, its volume is increasing. This week, we have chances to see gold prices above the 51860 levels. The day traders can follow the following targets:
And short-term investors can hold for levels.
All you need to do is watch out for a dynamic support trendline. It should remain above it. Else, it will start falling. And that downfall for the levels of .
Significant releases or events that may affect the movement of gold & crude oil:
Monday, Nov 02, 2020
- 11:00 – Gold Index
Tuesday, Nov 03, 2020
- 05:30 – U.S. Presidential Election
Wednesday, Nov 04, 2020
- 02:00 – U.S. API Weekly Crude Stock
- 21:00 – U.S. Crude Oil Inventories
Crude Oil Price Setting Up For A Downside Price Rotation
First, let’s talk about the previous update of crude oil . There, I have drawn the symmetrical triangle bearish pattern on the hourly chart of MCX’s crude oil.
I had written for the day traders, “…the last expected stop is at E. So, we may see crude oil at/below 2840 – 2820 level”.
THESE TARGETS HAS REACHED.
And for the short-term traders, I had written in bold words, “this symmetrical triangle base range is 378 points. So, the game will begin whenever crude oil will breakout the triangle pattern . Downward breakout’s targets: 2610 – 2500 – 2460“.
Crude oil has touched the first target (2610) by making a low of 2606 level on 29 Oct ’20. Now let’s come to the point, will crude hit the second & last target or not?
CRUDE OIL DOWNSIDE BREAKOUT ALERT!
If crude oil prices break out the 2600 level, we will see 2540 – 2500 – 2460 levels before the weekend.
Please note that don’t sell it above the 2600 level.
According to this chart, MCX Natural gas is further advance. We may see the following levels after a reversal.
Intraday traders can run with 20 & 50 MA crossover. And long-term traders should stick with 200 MA to maximize profits.
Significant releases or events that may affect the movement of natural gas on Wednesday, Oct 28, 2020:
- 02:00: U.S. API Weekly Crude Stock
- 20:00: U.S. Crude Oil Inventories
- 20:00: EIA Weekly Refinery Crude Runs
- 20:00: U.S. Crude Oil Imports
- 20:00: U.S. Cushing Crude Oil Inventories
- 20:00: U.S. Gasoline Production
- 20:00: U.S. Heating Oil Stockpiles
- 20:00: U.S. Gasoline Inventories
FOR THE DAY TRADERS:
MCX Crude oil has made a symmetrical triangle pattern, and that indicates a bearish continuation. At present, its price is moving inside the triangle pattern. That’s a consolidation area. The prices will keep playing sideways here.
Intraday traders can sell or buy based on control price. The last expected stop is at E. So, we may see crude oil at/below 2840 – 2820 level.
FOR SHORT-TERM INVESTORS:
This symmetrical triangle base range is 378 points. So, the game will begin whenever crude oil will breakout the triangle pattern.
Upper breakout’s targets: 3130 – 3200 – 3280+
Downward breakout’s targets: 2610 – 2500 – 2460
Beware to tail, fakeout, and excess. Accurate entry-level, target and stop-loss is available for the premium members only.
Base Metals Trading Calls Update: MCX Zinc Ready For Another Rally Attempt
Yesterday I had an updated intraday trading call on Zinc. It has made a high of 194.55 level and closed at 194.35. Will it reach the first & second target or not?
Bullion Update: MCX Silver’s Next Target 65200 by the Elliott Wave
I had updated an intraday call on the silver the day before yesterday while its price was running nearby the 61500 levels. It has reached the first target before collapsing. So, what are you expecting ahead?
Will silver hit the next targets or keep falling? To get more information about MCX Trading Alerts, subscribe now.