Enrich Commodities India Pvt.Ltd
Published on 25/09/2017 10:53:49 AM

 

Technical View

Short term Intraday Opportunity

Intraday 4h chart has formed “Falling wedge pattern”. The pattern has completed 5 cycles and has almost reached the target. It is likely that prices may rise upside to the next crucial place at $1306(29650). If it breaks above and closes the 4-hour candle, buy and hold long positions towards $1315-1325(2965-29850). Revised trailing stop loss holds at 1294(29440).

On the other hand, if it doesn’t break above the resistance line at $1306(29800), then the selling pressure will continue to reach towards $1290-1260 level (29440-28850)

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Enrich Commodities India Pvt.Ltd
Published on 25/09/2017 10:51:45 AM

Technical Outlook:

Crude prices in the 4H chart have formed “Ascending triangle”. The market is ready to break the triangle which is close to the crucial place and as per pattern, it wouldn’t take much longer. Consolidation is almost over and it’s likely to move towards $55 (3500). The Current market’s momentum is strong bullish and is expected towards 52(3333) level soon.

Prices sustained above $50.75 (3185) on the weekly & daily chart which indicates bullish strength. A break above and close of the four-hour candle, could lead to high buying pressure. Trailing Support holds at $50(3240). A break below support line could lead the selling pressure towards 49.20 (3160) level.

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Indicator: On the daily chart, the 50-day moving average crossed over 100 day moving average at $47.40 (3050), indicating bullish momentum.

In the view of price action, a 50-day moving average is likely to crossover 200 day moving average towards $55(3500).

Pattern Analysis: Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3240).

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Enrich Commodities India Pvt.Ltd
Published on 22/09/2017 10:56:11 AM

Technical View

Short term Intraday Opportunity

Intraday four-hour chart has formed “Rising wedge pattern” as pattern yesterday retested support line at $50(3240) which is previous resistance become support as well as psychological prices barrier so again maintain strict stop loss at $50 go long position to expected upside rally to reach $51-52(3300-3365) within short span of time.

Trailing Support holds at $50(3215). A break below support line could lead the selling pressure towards 49.20 (3160) level.

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Indication: The crude oil price on the daily chart 50-day short term moving average crossed over long term 100 day moving average at $47.40 (3050), indicating bullish momentum.

The view of price action which is a 50-day moving average is likely to crossover 200 day moving average.

Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3215).

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Enrich Commodities India Pvt.Ltd
Published on 22/09/2017 10:55:37 AM

Technical View

Short term Intraday Opportunity

Intraday hourly chart has formed “Falling wedge pattern”. The pattern has reached 5 cycles which has almost reached target. It is likely that prices may rise upside to next crucial place at $1306(29650). If it breaks above and closes the hourly candle, buy and hold long positions towards $1315-1325(2965-29850). Revised trailing stop loss holds at 1294(29440).

Medium Term:

The daily gold chart has formed “Ascending broadening wedge. “. In this pattern, our second target has reached at $ 1289(29440), as well as tested 50 day moving average. Today we can expect a small pullback and profit booking towards $1302 for short covering and reaming bearish momentum. Next additional support impacts 100 day moving average towards $1266(28750). Resistance holds at $1325. A break above $1305 and close of the daily candle could lead to retracement towards $1325 level.

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Enrich Commodities India Pvt.Ltd
Published on 21/09/2017 11:31:34 AM

Technical View

Short term Intraday Opportunity

Intraday four-hour chart has formed “Ascending broadening wedge”. Current prices hold nearby resistance area at $ 50.70(3240). The lower high was broken yesterday, which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Trailing Support holds at $50(3215). A break below support line could lead the selling pressure towards 49.20 (3160) level.

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).

Indication: The crude oil price on the daily chart 50-day short term moving average crossed over long term 100 day moving average at $47.40 (3050), indicating bullish momentum.

The view of price action which is a 50-day moving average is likely to crossover 200 day moving average.

Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3215).

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Enrich Commodities India Pvt.Ltd
Published on 21/09/2017 11:30:50 AM

Technical outlook:

The daily gold chart has formed “Ascending broadening wedge. “. In this pattern, prices broke through support line at $1330(29850) which indicates a bearish momentum. The Gold trend has turned from positive to negative momentum towards $1300(29000). A break below support line could make the next stopping point to be 50 day moving average at $1287(28750). It is expected to move towards $1300-1289(29000-28850).

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Enrich Commodities India Pvt.Ltd
Published on 20/09/2017 11:18:02 AM

Technical View

Intraday four-hour chart continues in “Ascending broadening wedge” Prices consolidated on higher resistance area at $50.40(3200) which indicates positive momentum. On the first scenario, if it does not break above the resistance line, it could lead towards support line at $49.20(3150) and a reversal with upside pressure can be expected.

On the second scenario, if it breaks, rally will continue to rise upside towards $50.50- 52(3240-3333).

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Enrich Commodities India Pvt.Ltd
Published on 20/09/2017 11:17:27 AM

Short term Intraday Opportunity

Gold prices have taken good support on yesterday. Gold will be in the uptrend until it closes below 1307(29530) levels. Buy on dips would be a better strategy until gold closes below these levels. It is expected to move to $1300(29350). If gold consistently trades above 1307, then the rally is likely towards 1324(29800)-1335(30050) levels.

Medium Term:

The daily gold chart has formed “Ascending broadening wedge”. In this pattern, prices sliced through support line at $1330(29850). Current prices have broken support line, which indicates bearish momentum. It is expected to move towards $1300- 1289(29000-28850). Additional support would be on a 50-day moving average at $1289(28850) and resistance holds at $1330(29850).

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Enrich Commodities India Pvt.Ltd
Published on 19/09/2017 9:47:38 AM

Technical View

Short term Intraday Opportunity

Intraday four-hour chart has formed “Ascending broadening wedge”. Current prices hold nearby resistance area at $ 50.40(3200) which indicates positive momentum. On the first scenario, if it does not break above the resistance line, it could lead towards support line at $ 49.20(3150) and a reversal with upside pressure can be expected. On the second scenario, if it breaks, rally will continue to rise upside towards $50.50- 52(3240-3333).

Medium Term:

The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated to create a Double top and is likely to follow through a bearish pressure at $50.50(3240). A crossover above crucial area at $50.60 (3250) could lead towards $52.50-55(3350-3500).

Indication: The crude oil price on the daily chart 50-day short term moving average crossed over long term 100 day moving average at $47.40 (3050), indicating bullish momentum.

Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 50.50(3250). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500) with support revised to $49.20(3150). On the other hand, a break below support line could turn the momentum from positive to negative towards $48-47(3100-3000).

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Enrich Commodities India Pvt.Ltd
Published on 19/09/2017 9:44:57 AM

Short term Intraday Opportunity

Gold market hit first level of target at $1307(29550). The hourly chart has formed “Head and shoulder chart pattern” which is a reversal pattern. The downside pressure could lead towards $1300(29350) level. The downward pressure could continue to weigh upon the market as it is a head and shoulder reversal pattern driven market.

Medium Term:

The daily gold chart has formed “Ascending broadening wedge”. In this pattern, prices sliced through support line at $1330(29850). Current prices have broken support line, which indicates bearish momentum. It is expected to move to $1300-1289(29000- 28850). Additional support would be on 50 day moving average at $1289(288850) and resistance hold at $1330(29850).

Overbought indication RSI (relative strength index),

The RSI indicates overbought has reduced from 76% to 47% which is a correction. The rising wedge support edge holds at $1300(29000).

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