Commodities
Friday, April 29, 2011
CRUDE
CRUDE: (Be cautious at higher levels)
Crude closed @ $112.86 levels on 28\04\2011. It has achieved my extended 2nd target of $110 as mentioned on 25\02\2011 outlook.
It has so far achieved both the target i.e. - $95 (mentioned on 8/11/2010 outlook) & $ 110 as above.
All the momentum indicators of medium term are still in BUY. It can further extend up to $117 to $120 levels in short term.
It looks like rising wedge distribution (bearish pattern) as per chart attached to me. One should be careful at higher levels in crude. Further strong view for upside can possible only if manage to sustain above $ 120 levels.
$109 is crucial support in crude, breach below it will lead to sharp fall in crude till $ 105 to $ 97 levels (channel supports).
One should watch it out breakout from range i.e-$110 (lower end) & $ 120 (higher end) for further Strong TREND.
It has so far achieved both the target i.e. - $95 (mentioned on 8/11/2010 outlook) & $ 110 as above.
All the momentum indicators of medium term are still in BUY. It can further extend up to $117 to $120 levels in short term.
It looks like rising wedge distribution (bearish pattern) as per chart attached to me. One should be careful at higher levels in crude. Further strong view for upside can possible only if manage to sustain above $ 120 levels.
$109 is crucial support in crude, breach below it will lead to sharp fall in crude till $ 105 to $ 97 levels (channel supports).
One should watch it out breakout from range i.e-$110 (lower end) & $ 120 (higher end) for further Strong TREND.