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

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen. On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...

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