Commodities
Thursday, July 11, 2013
CRUDE
CRUDE- (NEAR CRUCIAL RESISTNACE LEVELS)
Medium term Reversal levels to watch out for:
Crude closed @ 106.52 on 10.07.2013. As mentioned earlier, around 2nd April 2012 in the outlook about possibility of Big Triangle. Crude is trading at very crucial resistance zone (i.e. upper end of Triangle) of $107-$110 as per chart attached & if it’s bearish triangle then its last final leg "e" of a TOP distributive triangle pattern as per chart attached. Failure at these levels will finally confirm validity this bearish pattern & we are going to see sharp sell off ahead in crude in medium term to long for unbelievable lower levels targets. Its going to be beginning of next bear market for Crude (i.e. –C Leg down) as per chart attached. But right now its only possible pre-emptive forecast from Elliot wave perspective not final view till it’s proven otherwise. All the momentum indicators on daily, weekly & monthly are in BUY & in favor of BULLS.
Therefore, one should look its behavior around these levels to reach final conclusion of medium term trend.
Close below $96 will finally confirm short term reversal.
Sustain above $ 110 will finally confirm medium term reversal & we are going to further higher levels targets in medium term.
Medium term Reversal levels to watch out for:
Therefore, one should look its behavior around these levels to reach final conclusion of medium term trend.
Close below $96 will finally confirm short term reversal.
Sustain above $ 110 will finally confirm medium term reversal & we are going to further higher levels targets in medium term.