Top Down Approach provides us the macro visual perspective of the market participation. We will start with monthly charts to understand the long term participation, weekly charts to understand the intermediate term players and the daily charts to understand how the shorter timeframe players are behaving.
Crudeoil Monthly Charts
On the Monthly Charts MCX Crudeoil Maintains uptrend and also broken out of the consolidation zone 3475 zone and sustained above the reference zone. However lower timeframes indicates a tired and weaker market.
Crudeoil Weekly Charts
What one can observe from the weekly charts are too much of consolidated weekly cluster zones which indicates lack of confidence from the intermediate timeframes and the odds of continuation is low as too much consolidation indicates too much of tiredness to create such a uptrend.
Crudeoil Daily Charts
Daily timeframes too indicates consolidation clusters and moreover age of the trend is getting older and now maintains the neutral state. Twice the attempt to close below 3550 failed and hence any move towards a close below 3550 zone could trigger more weakness.
Till to date 3780 holds the recent high and likely to be the medium term resistance in the upcoming series. And any strong acceptance below 3500 zone could bring more weakness into the markets.
i am extremely Sorry, please ignore the previous one and find the below mentioned AFL
p = Param( “Periods”, 30, 1, 200, 1 );
Plot( RSI( p ), “RSI 30”, colorLightBlue, ParamStyle(“RSI Style”, styleThick) );
Plot(30, “”,colorRed,styleNoLine|styleDots|styleNoTitle|styleNoLabel);
Plot(50, “”,colorYellow,styleNoLine|styleDots|styleNoTitle|styleNoLabel);
Plot(70, “”,colorGreen,styleNoLine|styleDots|styleNoTitle|styleNoLabel);
Plot(0, “”,colorLime,styleNoLine|styleNoTitle|styleNoLabel);
Plot(100, “”,colorLime,styleNoLine|styleNoTitle|styleNoLabel);
MyPort = 25000;//Enter Portfolio Value
color = IIf( RSI(14) > RSI(21), ParamColor( “Span A Color”, ColorRGB( 0, 255, 0 ) ), ParamColor( “Span B Color”, ColorRGB( 255, 104, 32 ) ) );
PlotOHLC ( RSI(14), RSI(14), RSI(21), RSI(21), “Cloud”, Color, styleCloud | styleNoLabel, Null, Null, 0, -2 );
Thanking You