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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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MCX Natural Gas – Impulsive Wave Setup

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Free mcx natural gas chart calls

A new impulsive structure has emerged from the low of 265.5in natural gas. Price has accomplished wave (5) and started the zigzag correction at 801.

Currently, Natural gas is forming sub-wave 5 of impulsive wave C. Natural gas has also broken down 200EMA and the base channel of 2 – 4 wave, which signals bearish momentum. It has faced strong support of 515, but the price didn’t respect the level and ended up losing bullish momentum.Continue reading

Will ICOMODEX Energy Reach 7500 Before March End?

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Free mcx energy index calls

ICOMODEX Energy is forming an impulsive wave 3.

Price has finished the corrective wave (iv) of wave 3, and the price is establishing an impulsive wave (v) of wave 3.

Price is about to make the last leg v. If the price breaks the high of wave iii, it can make an upward move of 7135 – 7290- 7355 -7477.

After the accomplishing of wave 3, the price will fall and break the acceleration channel.

What are the turning points for the prices?

+ Wave 3 can finish at 2.618 (7477) reverse Fibonacci retracements of wave iv.
+ Wave 3 can finish at 2.618 (7167) reverse Fibonacci of wave (iv)
+ 3rd wave can end after the breakdown of sub-channel.

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Crude Oil Elliott Wave Cycles Point More Upside

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free commodity crudeoil daily chart tips

Price had made an extreme low at 795 on 20 Apr ’20.
It had started a quick recovery after an inviolable bottom-out. Due to bearish sentiments and no evidence of the verified bottom, it had constructed 2nd wave correction. The second wave retraced 38.2% of wave 1, which indicates a sturdy bull trend is ahead!

The acceleration phase lasted for 246 days and, the Fibonacci extension of wave 3 was 161.8% of the wave.
The public participation increased when the price had broken up the high of the first wave. It has the signal for bulls that crude was likely to make a new high.

After the acceleration phase, the price has corrected the bull phase with a double zigzag. It had retraced 38.2% of wave 3.
This correction was sharp in comparison with 2nd wave.

According to the above chart,
Wave 2 has taken 89 trading sessions to correct wave 1.
Wave 4 has taken 45 trading sessions to correct wave 3.

Wave 4 was a surprising disappointment for the bull traders.

Here, wave 3 is not a power extended because it hadn’t moved across wave 1.618% of wave 1.

According to the Elliott wave principle, commodities are more often extending at the 5th wave.

Currently, the price has made a new high of 6428.
Price has entered the corrective phase.
It is constructing the 4th sub-wave of the impulsive wave ((5)).

There are two possibilities,
1. If the price breaks the parallel channel, we can expect 50% to 61.8% retracement for wave 4. Be aware of the fake breakout!
Remember, entry is also not possible without an exact reversal signal.
Caution: Wave 4 can never overlap the starting point of wave 1.

2. Price is on the control line of the base channel.
The safe trader can enter the buying position when price breaks the wave B.

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