Commodity MCX / NCDEX tips, Crude oil tips, energy tips, FREE Stock, Commodity & Forex tips, mcx tips

Will Crude Oil Hit 5400 Next Weekend?

free commodity crudeoil daily chart & tips

free commodity crudeoil daily chart & tips

Crude oil has started moving forward since May. And it will not stop here. It’s just a WXY correction.

According to Elliott’s wave theory, it has completed the sub-wave under the 4th wave. It’s consolidation time. Crude oil prices may fluctuate between the range of 4000 – 5400. Hence, long-term investors can keep buying crude oil.

So, what about short-term investors and intraday traders? If you look into 4 hours chart, it seems bullish from here. Crude oil is trying to break the resistance trendline. Whenever that the resistance trendline break, then we may see the prices at 5300 – 5400+.

Kindly note, if crude oil remains below to resistance trendline, then do not buy.

What happens if it does not break the resistance trendline? I will update my next MCX crude oil report.

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18 Comments

  1. I believe the energy crisis is just the ‘narrative’. Just political tap closing to ‘create’ a crisis. Always comes in near the highs. Great idea.

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