Crude Oil Technical View Today : Crude oil moved support place, which is usually a cautious area. A break below $48.3(3100) would generate more selling pressure towards $47.24. (3030). Resistance can be seen at $49. MCX Crude Oil price has been trading within its rising channel pattern on the 4 hourly chart. Furthermore, NYMEX Crude Oil price has broken above the previous peak $47.70 level. On the other hand prices have been trading above its 21 EMA. For now, we keep our view to bullish on MCX Crude with and expectation of move towards 3250 levels in the few trading session.
The daily chart has formed Megaphone chart pattern as the prices failed to hold above resistance line at $50(3200). The current prices of the Crude oil daily chart hold below the 200-day long term moving average which is indicates bearish momentum. As it moves further, more bearish movement can be expected leading to extremely high readings. This is a sign of caution that the market may soon reverse downside. The next stopping point would be at $47.24-$45.5(3030-2950)
Gold Technical View Today : Gold prices are about to make its third attempt to hit $1300 in the course of psychological barriers. Traders can lock your profit here as technical parameters indicate Triple Top chart reversal which is a bearish in nature. On the daily chart, MCX Gold price has given breakout of its symmetrical triangle. Moreover, on the daily chart, COMEX Gold price has moved above its previous peak of $1280.30. Furthermore, prices have been trading above its 21 EMA on the hourly chart. In addition, momentum indicator RSI has shown positive crossover on the daily chart. Therefore, we expect the Gold price to move higher towards 29200 levels.
In the alternate scenario, a break above 1300 and close of a daily candle could make the Triple Top pattern invalid. Further upside rally may continue towards $1318-$1362.
As per our technical outlook, the target has reached nearby at $1300. It was given a cross over buying signal at $1251. The Long term 100-day moving average of gold prices crosses above the Short term 50-day moving average as seen in the chart. This indicates a bullish momentum. Intraday Support previous resistance will become support at $1280(28860) Additional long-term support could be seen at 100 day moving average $1256(28600)