MCX Crude wave analysis

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From the above daily chart, prices are moving in a falling channel (shaded part), recently it bounced from the lower end of the channel and is now poised to move near till resistance. Daily RSI is exhibiting positive divergence which is an indication that the negative momentum is at a halt (marked by black line).

As per hourly chart, prices are moving in a higher high and higher low pattern after forming a low at 800 levels. It is moving precisely in a rising channel (shaded part). The first threshold will be at the horizontal line marked which is place at 1755 levels. However, RSI is in overbought zone and can relieve first.

As per wave theory, prices have completed wave v and it has started moving higher in form of new leg, this can be wave i or wave a and can move up near till 1755 levels. The trend as of now is firmly positive.

The summation is prices are all set to soar near till 1755 with support place at 1390 levels, the bias is positive.

Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
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27 July 2020 at 14:38
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