MCX Crude: Still downside intact?

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Bechmark Crude oil is failing to move above $49 thus making that level an overhead resistance and the level of $44 as an underlying support. As inventories keep on adding and subtracting prices continue to move in a above mentioned range.

MCX Crude from the low of 1805 moved up drastically to the level of 3439 from February to June, thereafter, prices started moving in a counter trend. Counter trend is normally an interruption of main trend. As of now, prices continue to move in this counter trend as the wave are sub-divided.

From wave perspective, prices moved in a five wave structure which can be wave 1/a as of now it is moving in either wave 2/b in which wave a was a impulsive and wave b is in a triangle and completing at 61.8% of wave a of wave 2/b. Wave c is due and can move down near to its previous low placed at 2631 which is the end of wave a.

In short, the bias is firmly negative for MCX Crude Oil as it is expected to test 2650-2600 levels. However, if prices move above 3120 then the structure will change.

MCX Crude Daily (Continuous contract)


Comments

Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.

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15 July 2020 at 15:30
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