Thursday, June 10, 2010

Crude Short term view

Crude Short term technical views

Crude made a low of 67 $ on 25th Way after falling From the cliff of triple tops made at 87.25 $ and Sharply bounced back to 75.6$ later Falling back to make a higher bottom at sub 70 levels and bounced back to 74 levels, breaking the short term Falling Trend Line Resistance . If in next Few Days Crude if manages to Cross over 75.6 $ than a medium term Bottom Could be in Place and on upside could give a sharp move to 79.5 & 81 $

Resistance Levels: 75.6 (short term top)—76.95 (50 % Retracement levels of complete Move From 87.25-67$)---79.5$(61.8- Retracement levels of complete Move From 87.25-67$)--- 81 $ ( a Higher top Above Short term top)

Supports Levels: 72.5 $ - Support From Falling trend line which was resistance before -69.3 $ short term Bottom

Looks like Crude is all Set for a Big Rally again till 81$ and 83.4 $, Looking to Trade it on upside with Stop Below 71 $ For and Look to Enter on Dips in Range of 73-74 $

On MCX if Crude Manges to Close above 3410 Can Slow and Steady Rise till 3640--3710 Lvls