Technical Analysis of Indian Equities by Nooresh

Brent Crude – Topping Out

Brent Crude

 

Brent Crude ---

-> Currently trading below 120 tonight.

-> Previous top at 126-127 continues to resist any moves. Many attempts to break that level failed in last couple of months and finally the 120 mark seems to be broken on the downside.

-> The Falling RSI with every attempt and a Nymex crude still quite away from last year highs did give an indication of topping out on Brent but the breakdown on lower side still remains elusive.

-> The break of the triangle and momentum line at least indicates the momentum is surely gone or rather it may head to 113-115 for now.

-> One should now watch for how Brent moves to 113-115. But overall the bias has now turned bearish.

 

Although for any positive reaction on equities would need a move to 100-105 which as of now seems difficult.

 

Cheers,

 

Nooresh Merani

Article by Nooresh Merani

Nooresh has written 2569 articles.

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{ 2 comments… add one }
  • VIRESH April 17, 2012, 19:28

    sir,
    i want to buy akzonoble(icidulux)Pl.give me some idea about this company.
    Thanking you
    regaeds,
    V.A.THAKKAR.

    Reply
    • Nooresh April 17, 2012, 20:30

      Hi viresh,

      Somehow corporate governance has been not great. I would rather go for berger, asian paints in the industry. So i have no view.

      Reply

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