Good Morning Friends.
Positionally, I am still bearish. Still I expect to see 50.7-50.54/48.00-47.73.
As of now, the resistance is at 77.80/78. As long as 77.80, resists, my strategy will be SELL ON RISE.
NOTE: This view is based on Monthly/Weekly/Daily charts.
Now small resistance is around 63.7/64.4.
As per my analysis, we are in wave 4 of Wave 5 and we have done minimum (normal) correction at 58.94. If this is the end of wave 4 of w5, then my ultimate target would be 46.00-45.34-45.00.
Wave 4 of Wave 5 other retracement levels: 57.35 (done), (made high 58.94) 59.68, 61.56, 63.43, 64.86, 66.11.
For this view to be valid, crude must break 53.60 first.
Trade Idea: Risk takers can enter SELL at cmp 56.90/59.3, with strict SL 57.3/59.
OR BETTER WE CAN WAIT FOR CLEAR VIEW OF THE TREND.
Any move above 69.7, my view will be invalid and I will considering the move as positional long term BIG UP move.
Let us wait and watch how the market unfolds.
NOTE: We are nearing the end of down move/may be we would have completed, so now shorting is highly risky.
This analysis is for learning purpose only. TRADE AT YOUR RISK. Thanks.
Positionally, I am still bearish. Still I expect to see 50.7-50.54/48.00-47.73.
As of now, the resistance is at 77.80/78. As long as 77.80, resists, my strategy will be SELL ON RISE.
NOTE: This view is based on Monthly/Weekly/Daily charts.
Now small resistance is around 63.7/64.4.
As per my analysis, we are in wave 4 of Wave 5 and we have done minimum (normal) correction at 58.94. If this is the end of wave 4 of w5, then my ultimate target would be 46.00-45.34-45.00.
Wave 4 of Wave 5 other retracement levels: 57.35 (done), (made high 58.94) 59.68, 61.56, 63.43, 64.86, 66.11.
For this view to be valid, crude must break 53.60 first.
Trade Idea: Risk takers can enter SELL at cmp 56.90/59.3, with strict SL 57.3/59.
OR BETTER WE CAN WAIT FOR CLEAR VIEW OF THE TREND.
Any move above 69.7, my view will be invalid and I will considering the move as positional long term BIG UP move.
Let us wait and watch how the market unfolds.
NOTE: We are nearing the end of down move/may be we would have completed, so now shorting is highly risky.
This analysis is for learning purpose only. TRADE AT YOUR RISK. Thanks.
