Crude upward breakout

mcx crude hourly chart 

     Respective readers, we bought crude at 3204 on 29th March. I mentioned it on mmb on the same date. We were waiting it to cross 3200 mark before it actually happens.

     Why we were waiting for 3200 to cross ? because crossing this mark gave us confirmation of trend reversal. crude price cross first 2 resistances successfully. Now crude is moving in a upward channel and already made 3 higher highs and 3 lower highs. First resistance was placed at 3157 and second was placed at 3186 to 196 range. Again on 30th Mar price took resistance at 3243 to 3247 mark, returned back but successfully crossed it upwards and wee trail our sl ctc. This resistance was very much important because in past price returned downward from this resistance on 3 occasions. You can easily see it on chart. 

     Now there is no resistance till 3336 to 3350. Price can easily go up to this band. 

     Again if crude cross this 3350 mark, there will be next resistance placed at 3400 mark. This resistance is different from other resistances because it is made from gap down chart pattern in the past. See the 9th mar 2017 gap on horizontal line placed at 3400 mark. Next resistance is 3533, again it is made from gap down and final is 3587.

     Conclusion --- crude can touch 3600 mark, trade with sl. Use resistance levels to place sl because once price cross resistance line upward, then the same line works as support line.

     Hope, you like this trade idea, If you like it, then please share it on facebook and other social media. Thank you, Jay Shriram.

update 1, 7th Apr, 12.55 am

mcx houly chart

     

As seen in the chart, crude price cross all major resistances and turn upwards. We bought it at 3204. Now next hurdle is 3374, which is prior high, now it will work as resistance. After crossing that 3400 is next resistance.
On the downside, 3330, 3317 and 3303 are supports. Within them 3303 is major support, if this support will break, we will exit from the long position at all.
Intraday traders can use these levels to trade with buy on deep strategy.
Thanking you, Jay Shriram.

Update 2, 12th April 2017, 12.10 pm

mcx crude daily

     Cmp crude is 3464, we are nearing our tgt 3600. Crude price is in upward channel, making higher highs and higher lows. the trend is intact.

Update 3, 14th April 2017, 01.37 pm

mcx crude hourly chart

     As indicated in the chart, we enter crude long trade at 3204 for the tgt of 3600, but yesterday our trailing sl hit at 3425. I trailed sl very near to cmp because there is Head & Shoulder pattern is in making on crude hourly chart. So I think that it is better to book profits. If crude price broke neckline of HS pattern, which is placed around 3406 around, crude can go down towards 3310 around for short term. I will think to enter long again near that short term support, if things happen as I think right now. Next chart is showing HS pattern in making.

mcx crude hourly chart

    You can see, right shoulder is about to end its formation on hourly chart. If it successfuly make it, then tgt is 3320 around. So trade accordingly. We booked our profits, so post is closed now.

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