Commodities
Friday, February 24, 2012
CRUDE
CRUDE: (Broken Out of Range)
Outlook-Bullish
Crude closed @ $107.83 on 23/02/2012. It has finally given upward breakout from long consolidation as per chart attached.
It was having strong support around $95 levels as mentioned in my earlier view on 23/11/2011. It has consolidated in the price range of $100 to $95 near about 14 weeks before upward breakout.
Its momentum indicators daily KST & Weekly KST is in BUY is very good sign for short term bullish view & its Monthly KST will also probably come in to BUY by the end of this month at current price levels, its very bullish sign for medium term view as well.
It has also broken Long term trend line as per chart attached around @$106 levels & closed above it in last 2 trading session, is an another evidence supporting bullish view.
One should be long in crude with SL-$101.84 for tgt1-$114 & tgt2-$132 in short to medium term.
Outlook-Bullish
It was having strong support around $95 levels as mentioned in my earlier view on 23/11/2011. It has consolidated in the price range of $100 to $95 near about 14 weeks before upward breakout.
Its momentum indicators daily KST & Weekly KST is in BUY is very good sign for short term bullish view & its Monthly KST will also probably come in to BUY by the end of this month at current price levels, its very bullish sign for medium term view as well.
It has also broken Long term trend line as per chart attached around @$106 levels & closed above it in last 2 trading session, is an another evidence supporting bullish view.
One should be long in crude with SL-$101.84 for tgt1-$114 & tgt2-$132 in short to medium term.