Short Copper for short term

31/12//2018, 08.30 pm IST

copper hourly

     As shown in the copper hourly chart, price is trying to breach support line from past low on downside. If sustain below black support line, there is a chance to earn money shorting copper for short term little profit. 2.658 is price where support exists. On MCX Feb 28 contract, it may come around 411 rupees. Currently price is struggling at this point. Price spent last five days in a narrow priceband for consolidation. Watch carefully and short it , if sustained below black S line. Jay Shriram.

Update 1, 08.58 pm IST

copper hourly

     As mentioned earlier, this is short term trade for little profit. My short position is carrying little profit. So I m using trailing sl system to protect my profits. Jay Shriram 

Update 2, 12.50 pm IST

copper hourly

     Booked full profit & exited the trade. On MCX India, today low of Feb contract is Rs 406.80 & CMP is 408 rupees. So guys, we r in good profits because we take the short trade around Rs 411. Book the whole profit & enjoy saying Jay Shriram.

WTI Crude price about to breakout

WTI Crude hourly

 WTI Crude price closed at $ 45.12 on Friday. Both bulls & bears are hoping the move in their side. But looking at the crude hourly chart, we can easily notice that the price is moving in a consolidation fashion in a measured Symmetrical Triangle or coil. Same way on the Ichimoku system, price is moving within the cloud, which is again untradeable space. Around the inventory timing at yesterday, price try to breakout from cloud on downside but failed in that attempt & turn upward. Again price had to give respect to the descending trend line where price respected the line for three times in recent past and turn around. So price repeated the same move for fourth occasion and returned in cloud making the " noisy " word true. As per Ichimoku system, price is within the untradeable entity because it is within the cloud. Both base line & convergence line are crossing each other again and again in same price band.

     Now looking at the coil, we can see that the coil pattern is about to end soon because space for movement of price decreased considerably. So price has to come out of it giving breakout to pattern within next 8 - 9 candles ( max ). If this happens, we can see both side breakouts as a character of coil. In both cases price will also come out of cloud also, which gives us more solid reason to enter in trade.
     In the case of upward breakout, major resistance and target of price will be $ 47, which is prior high. In the case of downward breakout price will get support in the region of $ 42.40 - 42.70.

Update 1, 31/12/2018, 11.30 IST
wti crude hourly

     WTI Crude price gave upward breakout from coil & Ichimoku cloud. I am feeling little uncomfortable with bullish position but chart has no emotion. So as a rule of trading, I am holding long with strict stop loss below resistance line of the coil. Lets hope for good. Jay Shriram.

Update 2, 31/01/2018, 08.10 pm IST

WTI Crude hourly

     I booked all profits and exited from this long trade because I am not comfortable with long position in crude. I am seeing this spike as a pullback of a falling price in big timeframe chart ( weekly ). Bear flag is developing and nothing else. So guys, enjoy profits, Jay Shriram.

NG is turning hot again

ng 4 hrs 

Looking at ng 4 hrs chart , one can easily notice that ,'' after making downward breakout from coil, price made it's downward journey till 36 days old trend line ( black ) which is working as support line. 

After kissing support line price lifted upward but failed in sustaining the move and came down. But again it had to give respect to support line and lifted upward in no time. 

At the moment price is quoting 3.800 on nymex & Rs 266 MCX India. One can enter in buy position keeping stop loss below black trend line.

Jay Shriram. 

Inventory update 09.41 pm IST

Update 2 , 27/12/2018, 03.35 IST

I am holding the long trade. My sl did not triggered because I trade on MCX India & our market is closed when price came below black support line. I select the option to keep the trade alive. Now CMP is 3.445 & Rs 243.