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Crude oil is forming an Ascending Triangle Pattern. According to the monthly chart and chart pattern analysis, the crude oil rally will not stop here. It will keep moving forward for levels of 5160 – 5300 – 5600+.
MCX crude oil target for intraday traders is 5112 level. To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
MCX gold will keep moving further advance up to the targets of 50000 – 51000 levels. But after the first target, gold will try to take a reversal for 0.382 to 0.236 levels of retracement.
Long-term Targets: 51575 – 52492+
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Mentha oil can try to collapse up to the support line before hitting the following targets: 986 – 1000 – 1020
Attention: don’t buy below the support trendline.
This MCX Mentha oil research is based on the Feb 24 article.
Click the below link to read it: MCX Mentha Oil Overall Outlook Is ‘Strongly Bullish’
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According to EWT, the 5th wave has been almost completed. The ABC correction will start soon. As mentioned in the chart, MCX aluminium will start collapsing for the target price of 176 – 172 – 168 – 162 soon.
At present, if we see for intraday traders, then it’s upward. Aluminium will touch 184 – 186 levels, and then ABC correction will start.
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Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 – 66600 – 67000 – 68000.
Overall, a clear trend will identify after moving averages crossover.
How many of you bought gold?
Article: MCX Gold & Gold Spot Price Ready For Another Rally Attempt (1 Day Ago)
I have written in clear words, “MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300. Targets: 45560 – 45680“.
Gold has made a high of 45680 today at 5:24 PM and touched all targets.
Approx. profit: Rs.38,000 per lot
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Gold futures preparing to come at $1740 – $1750 – $1760. Day traders must wait for a breakout of the control price line before entering.
The uptrend will end whenever the gold spot price breaks strong support.
The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.
According to the Darvas box (rectangular formation), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300.
Targets: 45560 – 45680
If gold breaks the bottom of the rectangle, don’t buy. And wait for my next update on the gold.
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