Commodities
FRIDAY, APRIL 09, 2010
Crude
CRUDE: (BULLISH)
Crude closed at $85.88 as on 07/04/2010. As per attached chart Crude is moving in channel. It can go at least till upper end of the channel i.e. - $94 to $97 in short term, Able to hold above channel will lead to target of $105 (i.e. - 61.8% retracement of entire fall from high of $ 146.75 to low of $ 35.98.
My Preferred wave Count for crude is double Zigzag (W-X-Y-X-Z) in wave-X pull back & we are in final Wave-z of X
$81 is crucial support for the Crude on daily chart for short term trading.
Momentum Indicators on daily/weekly/Monthly chart of crude all in BUY.
My overall view on crude is bullish till it’s above $74.
My Preferred wave Count for crude is double Zigzag (W-X-Y-X-Z) in wave-X pull back & we are in final Wave-z of X
$81 is crucial support for the Crude on daily chart for short term trading.
Momentum Indicators on daily/weekly/Monthly chart of crude all in BUY.
My overall view on crude is bullish till it’s above $74.