MCX Crude Oil Elliott Wave Forecast

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MCX Crude Oil daily chart
MCX Crude Oil hourly chart



In my previous update dated 4th May 2020, I had mentioned that, “Prices are all set to soar near till 1755 with support place at 1390 levels, the bias is positive.”

It marginally protected the level of 1390 as it made a low of 1388 and reversed completely to conquer my mentioned level of 1755- Anticipated Happened.

Here is the link of my previous article- click here

https://www.marketanalysiswithmeghmody.com/2020/05/mcx-crude-wave-analysis.html

From the above daily chart, higher highs and higher lows are intact which is the sign of trend change.  Also a rising trend line is providing support to this energy sector with RSI still above the center line and below the overbought zone. Last day of the week candle has shown immense strength as it closed near the high of the day.

As per hourly chart, after moving in a sideways action (blue shaded part) prices have given a bullish break which is a clear indication that the short term trend is now positive and it is set to surge near till its immediate resistance which is placed at 2400-2500 price range. However, RSI is in overbought zone and there are high chances that it will relieve from current levels.

As per wave theory, prices have completed wave ii near the blue shaded part, it has now opened wave iii in which wave (i) is on the brink to complete and wave (ii) can drag prices near till 2100-2030 levels, once it is completed wave (iii) will start up and reach till 2400-2500 levels.

The summation is prices might correct till 2100-2030 levels which can be utilized as a buying opportunity as it will soar till 2400-2500 price range.

Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.

Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Parshva Enterprises IPO
10 July 2020 at 15:44
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