CRUDE POSITIONAL VIEW 4-Jun-2016

06-Jul-2016
06-Jul-2016
CMP 46.24
Res: 51.65
Sup: 45.82/35.23/26

Bearish Scenario:
If breaks 45.82, we can see 45.32, 44.69 and further 42.4, 41.1...

Bullish scenario:
If supported by 35.23, and any reversal from 41.5-40, 39.1, we can see 51.64 first, further break,

If crude holds between 26.1-51.65,
Ideal path for triangle may be 26.1 -> 51.6, 51.6 -> 31, 31 -> 48, 48 -> 34, 34 -> 45, 45 -> 21.


As per my view, we are in wave 4 from higher tf, so I expect to see a bigger triangle, which may last for several months before big fall towards 21$.

ANOTHER SCENARIO FOR CONSIDERATION:

CMP 46.26
I could see divergences in Crude Daily TF.
If crude breaks, 45.82$, I expect to see more fall towards 42/38/35$.
Tgts: 42.6-41.86-41.11, 38.83-38.06, 35.82-35.3-33.57.

04-Jul-2016
NYMEX:
CMP: 48.98
Res: 50/50.55/51.65
Support: 45.6
As long as the above levels resists, I expect to see 45.8$ again.
And further 43.1, 41.9, 39.9, 38.9, 35.75, 33.6$.

MCX:
Res: 3356(55)/3423(21)/3446(55)
Support: 3113
As long as the above levels resists, I expect to see 3117 again.
Adn further 2895/2815/2658/2624/2566/2432/2286.

Trade Idea:
Sell with max sl 3360/3460 for the above targets.
SAFE SELL below 3113. SL will be updated after trigger.

READ DISCLOSURE BEFORE TAKING ANY TRADE DECISION.
Thanks. All the best.