Here, I have used MA, RSI, VOL, & DMI to identify the next move of Brent Oil. According to these indicators, it seems bullish ahead. We may see the following targets soon: $68.8 – $69.8 – $71+
But, if brent oil breaks the hurdle ($66.60) and shows a closing price below it, we will see a heavy downfall. Targets: $64.6 – $62.8 and below
What about MCX Crude oil? It looks downward for a short period. Look at the below chart:
MCX Crude oil can go down for a retracement value of 0.236 in the upcoming days. So, intraday traders can set the following targets to make some money: 4560 – 4500 – 4460 – 4400
But, if brent oil breaks $66.60 upside, then change your position for the following targets: 4800 – 4880+
The crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly can be expected before the uptrend resumes.
If there will be the upside breakout of wave 5 (Protective Stop: 3980), then it’s a failure of the Elliott wave pattern. What happens if it breaks wave 5? I will update it in my next post.
Crude oil has started an Elliott wave and made the 4th wave, and now it’s making a fifth wave. As per the rules of the Elliott wave, the fifth wave will be completed at 61.8% (3648) or 50% (3600) of Fibonacci retracement 1+3.
The 2nd wave is 61.8% of the 1st wave, the 3rd wave is (more than) 261.8% of the 2nd wave, and The 4th wave is 38.2% of the 3rd wave.
After the completion of the fifth wave, there will be the ABC correction. And it would be completed between 3356 and 3216.
If the trend breaks the 3356 and 3216 both the levels, then the Elliott wave may fail. But if the trend completes the Elliott wave, the trend will again start to rise.
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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