Commodities
Thursday, September 20, 2012
CRUDE
CRUDE: (BEARISH)
Crude closed @ $91.98 on 19/09/2012. It won't be able to sustain more above $98 levels. It made high of $100.42 on 14/09/2012. Then after, it started to fall & broken crucial support (Reversal) of $93 & closed below it. It looks like ABC pull back in Crude is over & overall medium term View as per wave count looks down.
Though Weekly KST is still in BUY indicates medium term strength But daily KST & Monthly KST both (Momentum indicators are in sell) indicates weakness.
One should sell at current levels & also at every rise with SL-$100.42 for lower levels of target-1of $78 & sustain below it lead to target2-$70 in medium term.
Risk Reward is favorable for Medium term perspective.
$89 is one support zone to watch out for any kind of pull back
Though Weekly KST is still in BUY indicates medium term strength But daily KST & Monthly KST both (Momentum indicators are in sell) indicates weakness.
One should sell at current levels & also at every rise with SL-$100.42 for lower levels of target-1of $78 & sustain below it lead to target2-$70 in medium term.
Risk Reward is favorable for Medium term perspective.
$89 is one support zone to watch out for any kind of pull back