NYMEX CRUDE CMP 51.70 FROM THE ABOVE CHART WE CAN SEE CRUDE OIL PRICES HAD A MASSIVE DOWNFALL FROM SERVERAL MONTHS AND RECENTLY AFTER MAKING LOW OF 43.58 WE SAW A RALLY TOWARDS 54.24 AND AFTER THAT PRICES ARE MOVING IN A RANGE OF 54 AND 46 FOR LAST FEW WEEKS. PRICES HAVE BROKEN THE DOWNWARD SLOPING TREND LINE AND CLOSED ABOVE THAT WHICH IS A BULLISH INDICATION AND NOW IT LOOKS LIKE IF PRICES SISTAINS ABOVE 52 WE COULD SEE 58-60 LEVELS IN SHORT TERM. FROM ELLIOT WAVE PRESPECTIVE, ALSO IT LOOKS LIKE WAVE 1 COMPLETED AT 54.24 AND THEN WAVE 2 COMPLETED AROUND 47.80 AND NOW PRICES COULD MOVE UP IN WAVE 3 TOWARS 58-60 IN SHORT TERM. AVERAGES IN MACD IN THE DAILY CHART ARE JUST ABOUT TO CROSS ABOVE THE ZERO LINE IN THE INDICATOR SUGGESTING BULLISHNESS.ONLY CROSS BELOW THE ZERO LINE WOULD SUGGEST BEARISHNESS.PRICES HAVE CLOSED ABOVE 8 DAYS EMA AT 50.47 ABD ALSO ABOVE 20 DAYS EMA AT 50.91 AND BELOW 50 DAY EMA AT 52.75 . RSI IS IN THE NETURAL ZONES INDICATING PRICES ARE NEITHER OVERBOUGHT NOR OVERSOLD.
VIEW:-
FROM THE ABOVE ANALYSIS WE SUGGEST TO BUY CRUDE OIL ABOVE 52 FOR TGT OF 58-60 RISK WOULD BE AT 47 LEVELS
IN MCX BUYING CRUDE OIL AT 3230 AND DIPS AT 3150 SL 2900 TGT 3550-3650
WHAT EVER YOU EARN FROM MY CALLS PLEASE GIVE 10% PROFIT'S FOOD TO COWS AND DOGS HELP THM GOD WILL HELP YOU-!!!
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