Technical Analysis of Indian Equities 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

Regards

Ankit

Analyse India

Article by Nooresh Merani

Nooresh has written 2582 articles.

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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.

    Thanks

    Praveen

    Reply
    • 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.

      Reply

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