Commodity MCX / NCDEX / COMEX Market tips and forecast.
According to this chart, crude oil will keep moving forward and hit the following targets: 3600 – 4000 – 4400 – 4800
Here value 1 of retracement will react as support. And consecutive breakout of this support is a direct sign of a downtrend. It can be up to 0.886 (2982) to 0.786 (2735). You can use it as a target.
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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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 of all, 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
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.
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.
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 freefall 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. Subscribe to get accurate entry-level, stop loss, and targets during the market hours.