MCX Crude Oil Elliott Wave forecast

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MCX Crude Oil Daily chart


MCX Crude Oil hourly chart


In the above daily chart of Crude Oil, prices on Friday were up by 14%, which is a mammoth move after the 30% fall this year. Now it is important to see if this is a reversal. Prices have crossed its intermediate high which is the first sign of change in trend.  This again opens the possibility that prices are set to move near till its previous high. Daily RSI is also moving from the oversold terrain.

In hourly chart, the crude oil is moving in a lower high and lower formation when it was moving lower, but RSI was not which can be termed as a positive divergence (marked by black line).

As per wave theory, Crude Oil has completed five waves down to complete wave c. This means that new leg on the higher side has started which can soar prices much higher.

The summation is, prices are poised to move higher near till 2180-2200. A sustainable move above this level can surge it near to 2290 levels with support of 1940.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Indiabulls
18 July 2020 at 15:08
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