MCX Crude Oil: What happens after Impulse Wave?

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MCX Crude Oil (Daily Continuous)


The Daily chart of Crude shows that prices are failing to move higher due to the overhead resistance of the channel. This rising blue channel has made prices reverse earlier.RSI is in the overbought zone and has exhibited negative divergence.

From Wave perspective, prices have completed five waves up. Currently it is forming a corrective pattern particularly known as flat pattern (a-b-c). Here wave c is pending on the downside which can move down till 4070 levels.


In short, the black gold is expected to move down near till 4070 levels over short term. Concluding that the bias is negative. 

Comments

Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful.
Federal Bank
30 July 2020 at 15:01
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