Thursday, 25 October 2012

MCX CRUDE OIL(INDIA) HEADING FOR BEARISH BREAKDOWN FROM ENDING DIAGONAL PATTERN IN THE COMING WEEKS?

The chart of Crude Oil (MCX India) may be at the beginning of an potential downside of 7-8% from the current levels of 4650. The confirmation will come after break of 4450 around 3% away from current levels from an ending diagonal formation. The 5th wave of the uptrend may have completed in 5600 INR around May 2012. A powerful downside 3rd wave will be confirmed on a break below 4450 and can head to 4000/3900 levels in the coming months. A move above 5450 will cancelour analysis.


BEARISH DAYS AHEAD FOR MCX CRUDE?

















Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours

2 comments:

  1. It is very difficult to predict where are markets headed? but, I feel we may have a little more selling before a decent move higher.

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  2. A wonderful Crude oil chart you posted. That is so informatory and creative. Please keep these excellent posts coming. You helped me so much.
    Thanks for sharing!
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