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Mcxcrude

Crude under pressureCrude (22.05.2015) traded lower as per our expectation as mention in our previous article, however it fail to reach to $55.70 mark & bounced back with current week inventory support. Now crude is trading around $60 mark & as we can see on charts, crude trying to retest the broken trade line of ascending channel. The bounce was supported by volume as well as pattern is not very ideal for recovery. On elliott wave count , crude probably trading under 1st downside wave with probably V wave down now. However the count is not very ideal still there is no other probability available this time. On fundamental side, although we witness a good withdrawal last week, total inventories still roaming around all time high while strong dollar likely to continue. Based on above technical picture , crude probably move downward once again. Level $55.70 & then $51.50 will be on radar. MCX -> S2(3610) S1(3724) cmp(3832) R1(3910) R2(3980) Note - Above technical analysis is not a buy/ sell recommendation. Read more articles here www.mantracommodity.blogspot.in
FX:USOILShort
by mantracommodity
Crude can hit back again.Crude(25.03.2015) broken downside & traded lower towards $43 mark as mention in our last analysis. However the recovery was quite sharp to resistance zone once again. Now crude is trading around $47.50 & as we can see on charts, its approaching to the broken tradeline of last symmetrical triangle pattern. This recovery seems to be a corrective one due to less volume & weak candlestick structure. However small timeframe charts showing some positivity but day & weekly charts are still bearish. To convert this rally into a reversal crude must provide a close above $55 mark otherwise a deeper fall may occur this time. On fundamental side nothing have changed. Crude inventory & production still on higher levels while next OPEC meeting due on 5th june 2015 at Vienna, Austria is far away. Based on above studies, we will prefer to stay on sell side & may witness a fall back towards $44 mark & may be followed by $41 in coming weeks. MCX -> S2(2810) S1(3020) cmp(3130) R1(3300) R2(3560) Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986 www.mantracommodity.blogspot.in
FX:USOILShort
by mantracommodity
Corrective bounce ahead Crude (12.9.2014) fall sharply in last few weeks & reach to the $90 sociological level. Now crude is trading around $92.40 & the bounce $90 mark is well supported by many factors like 261.8% feb ret. , a lower tradeline of descending channel as well as a very strong positive divergence. All this together providing a buying opportunity at current level. On fundamental side , continue demand for sanction on russia putting a dent on crude production future. Based on above studies , crude possibly move towards $94.80 & then $96.50. a day close below $89.50 will delay the forecast. MCX -> S2(5550) S1(5550) cmp(5678) R1(5740) R2(5833) Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us Call Us : 088890 34986
FX:USOILLong
by mantracommodity