Technical view by Nooresh

Crude cracks ………as expected …

Crude cracks below 134 and should ideally lead to a big collapse possibly to 126-124 technically.
Earlier had stated that 146 could be the top and we saw a top of 145.85 and a crack to 135-136 but could not break 134 and we saw yet another hit to 147 where in 148-149 was the upper resistance and we saw it make only 147 odd . Crude has been following the lines properly and accordingly next imp support is at 124-126 which is also 38 % correction are of the current rally .
Lets wait and watch ... The current scenario makes me check crude regularly so may update some times... Dow Jones also reversed from the 10800 support and is now taking a short at 11400 odd which is a stiff resistance.

Article by Nooresh Merani

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