Crude Oil poised for a fall

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Crude Oil (daily continuous chart)


MCX Crude Oil soared last month from 2950 till 3450 levels. However, the scenario is not looking bullish due to bearish signals forming at the top along with the negative follow up.

As per the candle stick pattern, prices formed an engulfing pattern at 3450 levels and on the following day prices continued the negative momentum. 

According to wave theory, the rise from July 2017 till the top of 3450 is corrective in nature ( 3 wave). The possibility for prices to be in a running triangle are likely and so wave e on the downside is expected. So if wave e is pending on the downside, prices will test 2900-2800 levels.

As of now, expect prices to test the level of 3150 over short term as far as the level of 3400 is intact on the upside.


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