Commodities
Tuesday, April 02, 2013
CRUDE
CRUDE:
Observation:
Crude closed at $97.07 on 01.04.2013. Its trading in the range of $80-$100 range from last 6 months (i.e.- Since September 2012). It looks like two Triangular possibilities as per chart attached at current levels. Both are bearish Triangles.
Smaller Triangle:
If its smaller Triangle, then it already reached at upper end & completed wave-E as per chart attached at recent high of $98-$98.50 & will start to reverse from here on towards medium term lower levels targets.
Bigger Triangle:
If it’s Big Triangle, then there is room for further more upside till $107-$110 as per chart attached for wave-E of Triangle in short term.
Momentum Indicators KST of daily, weekly & monthly charts all are in BUY. & even MACD of daily & weekly charts is also in BUY. It interprets possibility of Bigger Triangle.
By looking this fact, it’s advisable to go with momentum in short term till it confirms Trend Reversal. $92 is crucial support/Reversal levels for short to medium term perspective both. Close below it will finally confirm Trend towards medium term lower levels target1-$78 & further below it till Tgt2-$70.
My overall medium term view for Crude still remains down but raising medium term reversal levels to $110 from $100.42as mentioned earlier on 20.09.2012.
By looking short term momentum, it’s advisable to play safe bet & wait for confirmation of short term reversal to reach final conclusion of Trend reversal.
Crude closed at $97.07 on 01.04.2013. Its trading in the range of $80-$100 range from last 6 months (i.e.- Since September 2012). It looks like two Triangular possibilities as per chart attached at current levels. Both are bearish Triangles.
Smaller Triangle:
If its smaller Triangle, then it already reached at upper end & completed wave-E as per chart attached at recent high of $98-$98.50 & will start to reverse from here on towards medium term lower levels targets.
Bigger Triangle:
If it’s Big Triangle, then there is room for further more upside till $107-$110 as per chart attached for wave-E of Triangle in short term.
Momentum Indicators KST of daily, weekly & monthly charts all are in BUY. & even MACD of daily & weekly charts is also in BUY. It interprets possibility of Bigger Triangle.
By looking this fact, it’s advisable to go with momentum in short term till it confirms Trend Reversal. $92 is crucial support/Reversal levels for short to medium term perspective both. Close below it will finally confirm Trend towards medium term lower levels target1-$78 & further below it till Tgt2-$70.
My overall medium term view for Crude still remains down but raising medium term reversal levels to $110 from $100.42as mentioned earlier on 20.09.2012.
By looking short term momentum, it’s advisable to play safe bet & wait for confirmation of short term reversal to reach final conclusion of Trend reversal.