Commodities
FRIDAY, APRIL 23, 2010
GOLD
INDIAN GOLD: 23/04/2010
(STUCK IN MIDDLE)
Gold in INR closed @ 16671 on 23\04\2010. It is moving in channel as per attached charts & As per Wave count, it has completed wave-3 of larger degree at high of 18294 on 5\12\2009.It can come till lower end of the channel to complete wave-4 of larger degree theoritically.
BEARISH ALTERNATIVE:
Its formimg H & S Pattern on charts. It has neckline @ 16200 levels & Previous swing low is around 15950 levels. We get final confimation of patten around 15950 levels. below that it can go till 14800 levels (i.e- lower end of channel) to complete wave-4.
BULLISH ALTERNATIVE:
It has already completed wave-4 around 15950 levels.Now, Wave-5 will begain & The same bearish pattern will turn in to bullish pattern (i.e- Running traingle). It has breakout@ 17095 levels & then gold will go to new high & further it can touch till upper end of the channel i.e-20800 levels.
Momentum Indicators
Momentum Indicators like KST\MACD are also not aliening at each degree, so its very difficult to rely on it till we get price confimation from this range.
So keep finger cross till gets breakout confirmation at either of side for larger trending direction.
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.
(STUCK IN MIDDLE)
Gold in INR closed @ 16671 on 23\04\2010. It is moving in channel as per attached charts & As per Wave count, it has completed wave-3 of larger degree at high of 18294 on 5\12\2009.It can come till lower end of the channel to complete wave-4 of larger degree theoritically.
BEARISH ALTERNATIVE:
Its formimg H & S Pattern on charts. It has neckline @ 16200 levels & Previous swing low is around 15950 levels. We get final confimation of patten around 15950 levels. below that it can go till 14800 levels (i.e- lower end of channel) to complete wave-4.
BULLISH ALTERNATIVE:
It has already completed wave-4 around 15950 levels.Now, Wave-5 will begain & The same bearish pattern will turn in to bullish pattern (i.e- Running traingle). It has breakout@ 17095 levels & then gold will go to new high & further it can touch till upper end of the channel i.e-20800 levels.
Momentum Indicators
Momentum Indicators like KST\MACD are also not aliening at each degree, so its very difficult to rely on it till we get price confimation from this range.
So keep finger cross till gets breakout confirmation at either of side for larger trending direction.
CRUDE:09/04/2010 (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.