Commodities
WEDNESDAY, MAY 02, 2020
CRUDE
CRUDE IN INR & USD:
CRUDE IN INR
CMP- 3287 (01.12.2020)
CMP- $44.50 (01.12.2020)
Crude is showing sign of extension from short to medium term perspectives. As expected, it's started rally from long term bottom of March 2020. It has almost achieved my short term targets levels as expected earlier near recent high. It has made a high of 3415 levels in INR & around $ 45 in USD so far in this rally.
It has completed wave-B or II correction & started wave-C or III as per chart attached. It looks like it can further extend towards revised higher levels targets in the range of 3700/3900 levels in short term & 4500 levels in medium term.
In case of USD, we can expect higher levels targets of $54 in short term & further above, it can extend till $65 in medium term.
It has strong support or stop loss of around 2540 levels in INR & $32 in USD from short to medium term perspectives.
It's short to medium term indicators are in BUY supporting short to medium term view.
One should BUY CRUDE at current levels or any kind of decline or consolidation till it reverses.
VIEW POINT:
SHOWING SIGN OF EXTENSION:
STRATEGY- BUY
CRUDE IN INR
CMP- 3287 (01.12.2020)
CMP- $44.50 (01.12.2020)
It has completed wave-B or II correction & started wave-C or III as per chart attached. It looks like it can further extend towards revised higher levels targets in the range of 3700/3900 levels in short term & 4500 levels in medium term.
In case of USD, we can expect higher levels targets of $54 in short term & further above, it can extend till $65 in medium term.
It has strong support or stop loss of around 2540 levels in INR & $32 in USD from short to medium term perspectives.
It's short to medium term indicators are in BUY supporting short to medium term view.
One should BUY CRUDE at current levels or any kind of decline or consolidation till it reverses.