Price Action Crude Oil Forecast trade setup.
As seen on the Daily Price chart of MCX Crude Oil , it is observed that buy signal is created at the support level. MCX Crude oil is in downtrend from last few months. There is a retracement probability forecast in crude oil at this support level.
Crude Oil Forecast Daily Price Chart on Friday 14th November.
As shown above in the Daily price chart of MCX Crude Oil tomorrow i e on 17 th November I am going to trade in MCX Crude oil in a long Position only if crude oil breaks 4685 level. My target for this intraday trade is 40 points above from my buying level 4685 , and if the trade gets reversed my stop loss will be 25 points below my buying level of 4685 .
Crude Oil Forecast Trade update for 17 th November
Summary – on 17 th November crude oil did not breaked the expected point i .e 4685 , therefore I did not got the trade. But if crude oil will break 4685 level I will go for long position , since the Buy signal is created in the price chart as shown.
Summary – On 18 th November crude oil breaked 4685 level and I got the trade as per my price action point . I booked the profit of 40 points.