Mcxtips
EWT – Is Natural Gas Prepared for a Reversal?In our previous article, we discussed impulsive wave C and its continuation. On 20 January 2023 , Price achieved our all given targets.
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MCX Natural gas has accomplished the corrective wave B and started falling for impulsive wave C. Price has given a reversal from previous wave C, but it is no conclusive evidence that it has completed wave c.
When it comes to confirmation, Traders should watch the level of 313 . If the price breaks out the 313 , it will enter into the parallel channel. Traders can buy for the following targets: 321 – 340 – 366 .
Don’t forget prices are moving outside the channel, which is a negative point for traders. Bearish continuation is possible if the price sustains below wave (4).
I will update further information soon.
Don't Get Yourself Into a Bull Trap With MCX GoldKey levels: 47948 - 49290
Gold is rejecting uptrend and downtrend at the level of 47948 . And we don't see a powerful movement in the 2021 year, wherein it throwout the level of 49280 successfully.
Here, you will have a strong support level, wherein we may decide about buying or selling. And it is the level of 47948 . Intraday traders can keep buying the gold for targets of 48360 - 48640 - 48890 - 49280 until it remains above the level of 47948 .
But, if you see a breakout of the first 'key' level, then sell it for the targets of 47480 - 47060 below.
Buyers must be aware these days. Why?
The gold prices may push down with power compared to an uptrend because of Coronavirus (Omicron).
For advance traders, watch significant releases or events that may affect the movement of gold, silver, crude oil & natural gas.
Tuesday, Dec 28, 2021
20:30 CB Consumer Confidence (Dec) - High
Wednesday, Dec 29, 2021
03:00 API Weekly Crude Oil Stock - Medium
21:00 Crude Oil Inventories - High
Thursday, Dec 30, 2021
19:00 Initial Jobless Claims - High
21:00 Natural Gas Storage - Low
Part 2: Silver will touch 69200 levels again?Key level: 62110
On 6 June 2021, I had drawn a chart of silver ( ). Wherein, I've shown the silver can collapse up to 0.618 . It has made a low of 62184 and touched 0.618 levels of retracement.
If MCX silver crossover and close below the level of 62110 , it will try to hit 60000 - 58900 - 57260 levels.
Otherwise, it will take a bounce back from here and come back to the 65800 - 69200 levels.
Please note, don’t forget to watch significant releases or events mentioned in the last update of crude oil that may affect the movement of gold, silver, and crude oil. URL:
MCX Crude oil: Ascending Triangle Pattern (TP 5112)Crude oil is forming Ascending Triangle Pattern. According to the monthly chart and chart pattern analysis, the crude oil rally will not stop here. It will keep moving forward for levels of 5160 - 5300 - 5600+ .
MCX crude oil target for intraday traders is 5112 level.
Crude oil Forecast: Using Fibonacci Retracement LevelsWas That the Top in Crude oil?
Crude oil price is running nearby a 78.60% retracement level, and it can act as support. Hence, trade with the trend: sell positions executed around 78.60% retracement level area for the targets of 2660 – 2600 – 2560 – 2500.
For long-term investors: they can hold for 2410 – 2320 levels.
Don’t sell crude oil above the 2740 level. It can start raising for 2980 – 3260 levels.