In last two months (January – February 2013) MCX Crude oil consolidated within the expanding pattern. Recently prices have exactly reversed from the upward-sloping trendline of the pattern and moved lower.
Along with simple technical analysis, Elliott wave theory helped us to capture the top and moved lower. Below is the charts picked up from “The Commodity waves STU” (Commodity report) where we have been accurate in conquering the fall of more than 150 points within three trading sessions.
Momentum indicator RSI has relieved the oversold position and arrived near the resistance of 70. From current level we do not expect prices to cross the strong resistance of 5100 and once again it should move lower. As long as 5100 is intact on upside trend remains negative. A move below 5040 will provide the selling opportunity and prices can move lower towards 4980/4950 levels”. BANG ON!
MCX Crude moved in lines with our expectations. Prices reversed exactly from 5100 levels, continued the downtrend and achieved the mentioned level of 4950.
As per wave perspective, prices have completed wave….. near 5100 levels and started the next leg…… in the form of wave…..
Too many might have not able to trade the downtrend in Crude. However, there is more steam left on downside in this commodity.
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Whats Behind Crude Oil Selloff?
Published 03/08/2013, 10:40 AM
Updated 05/14/2017, 06:45 AM
Whats Behind Crude Oil Selloff?
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