Technical view by Nooresh

Crude setting up for a crack

Crude has not been able to cross its previous high and has formed a double top at around 5100 level. Now if it breaks two
major support trendlines placed at 4900 and 4940 then Crude maybe headed to 4700-4750 range in coming days. Corresponding
levels on Comex would be 106.5-107 $ if it breaks 109.5-110$ range.

Crude - Short Term View



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Article by Nooresh Merani

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{ 2 comments… add one }
  • praveen gupta May 4, 2011, 23:04

    You are currect and if I see your earlier post on crude that also proved on dot of above 140 a big fall happened.

    Do you forsee similat kind of fall in crude now as well in in other commodity specially in silver and gold. What are levels there.



    • nooresh May 5, 2011, 11:18

      Hi Praveen ,

      Well there are lot of divergences on crude if the fall continues beyond initial target of 105-106 and 4750 then we may be in for deeper correction.

      As of now upside seems capped.


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