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Crude oil has broken March 2020 support trendline today. That is indicating a direct sell signal. If crude crossover & closes above to 5160 levels, then it can come out from the downtrend. And we may see 5300 – 5500 again.
According to the current breakout, MCX crude oil may hit the following levels: 4800 – 4760 – 4660 – 4590
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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.
According to this chart, MCX Aluminium can fly from here if it does not close below 176.4 levels.
Targets: 178.6 – 179.6
Short-term targets: 180 – 181.6+
But, if it closes below 176.4 levels, then this call will deactivate. And it will start collapsing for the levels of 174 – 172 from there.
How many of you sold crude oil on the previous Thursday?
Article: MCX Crude Oil & NYMEX Brent Oil In-depth Analysis & Tips
In the previous article on crude oil & brent oil, I said in bold words, “…so, intraday traders can set the following targets to make some money: 4560 – 4500 – 4460 – 4400 | …and, 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”.
The crude oil has reached all targets! Enjoy!
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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+ To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
The crude oil started the bullish Elliott wave on the 4-hour timeframe. A new low, followed by a three-wave recovery to roughly 3760 – 3660 – 3470 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.
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According to the daily chart of MCX crude oil, it is further advance for short-term investors. The retracement level of 0.618 is a perfect entry-level.
In the previous update of crude oil, we have recommended buying many times.
As per RSI & MA, it seems bullish . We will see soon target 1 and target 2 price after a short reversal.
But if you want to see a clear trend, we’d see it in a 4 hours chart:
According to the 4H chart of MCX crude oil, it’s sharply moving upward. It’s safe for intraday & short-term traders to take a position nearby the support trendline or 50 MA for the targets of 3600 – 3660 – 3700 – 3800.
But what if it breaks the support trendline? DMI is indicating collapse ahead. How much crude oil can come down after breaking out the support trendline? To become a subscriber, subscribe to our free newsletter services. Our service is free for all.
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