Commodities
Wednesday, November 23, 2011
CRUDE (Pullback looks over)
CRUDE: (Short term Target Achieved)
Crude has achieved short term targets as expected. It made high of $103.37 on 17/11/2011 near short term targets levels ($102) mentioned in previous outlook on 31-10-2011.
Now, it looks like short term correction in crude from these levels. It has immediate support @ $ 94.54 levels, below which it can correct till tgt1-$89 & further till tgt2-$83 levels below it.
It has also given weekly negative close last week is an additional confirmation for short term reversal.
Daily KST is in sell showing sign of weakness. It closed @ $98.01 on 22/11/2011. One can sell with SL-$ 104.60 for short term correction.
Now, it looks like short term correction in crude from these levels. It has immediate support @ $ 94.54 levels, below which it can correct till tgt1-$89 & further till tgt2-$83 levels below it.
It has also given weekly negative close last week is an additional confirmation for short term reversal.
Daily KST is in sell showing sign of weakness. It closed @ $98.01 on 22/11/2011. One can sell with SL-$ 104.60 for short term correction.