Crude is ready to catch fire

After looking at the daily chart of NYMEX crude oil daily chart it seems that crude is trading in pretty up trend and above 114$ fire works can start any time in this counter as per Elliott wave’s wave principle it has completed its wave 1 on march 07, 2011 that was started on Feb 11, 2011 and then a lovely retracement seen on till 96.70 as wave 2 that is completed on Mar 15, 2011 and now it is trading in 3^rd wave that is known as longest wave of impulse phase. As per wave theory this wave can head towards 120 in near term that is 161.8% fib extension of wave 1. If it close above 120 during 2 or more trading session in future then this wave can continue up to 142$ in near future that will be 261.80% extension of wave 1. After looking at MACD oscillator it is also getting ready for bullish breakout above 114 that will attract floor traders and small traders also with positive momentum. It has defined a risk around $105 for bulls. This wave count may fail if crude close below 105 on daily basis otherwise trend will continue and crude will try to head towards 120-142 in near term.

Comments

ram said…

good time for a more profitable call sunilrathi sab.thanks for the early alert in crude,people who missed the bus of silver and gold may catch this counter for some good profit.......................:)

April 30, 2011 at 9:31 PM

Anonymous said…

thanks for the crude posting sunil sir.i earned good profit from ur previous postings in silver and gold.u r alerts r really superb.
narayanarao

April 30, 2011 at 9:48 PM

Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

LIC Housing Finance; time for bulls?

LIC HOUSING FINANCE settled at 321.90 up by 5.78% on Tuesday. Stock had been staying in a consolidation phase that took shape of an ascending triangle and in today’s session it broke through the resistance line of this triangle consolidation and settled well above key resistance of 312 suggesting dominance of bulls. Stock has been staying above its 9 days SMA on daily chart keeping a short-term bullish trend in picture. Stochastic is now approaching overbought territory along with bullish cross above its signal line suggesting a strong bullish momentum. MACD has been staying in positive territory and now its parting upward from its signal line suggesting development of fresh bullish momentum. Direction and momentum are two important components for any chart to anticipate future price movement and current trend and momentum on chart provided above is suggesting bullishness. Breakout of triangle pattern can be used to determine potential destination for current move and if th...

LET THE MARKET TELL WHO WE ARE

Search This Blog