Crude Awaiting Bounce
| Aug 28, 2014 11:29AM ET
Crude (28.8.2014) traded lower in last few session and reach to major support area.
Now crude is trading around $94.30 and as we can see on chart, as crude bounced back from $92.50 mark and this area providing support since may 2013. We have witness consecutive 3 bounce from here and there could be 4th one now. Apart from this, crude is getting support from 161.8% feb correction .In last few days we also observe a bullish construction on candlestick pattern. A Lower tradeline support and positive divergence proving more strength probably.
On fundamental side, production sites are due for yearly maintenance from mid of september which could dent the inventory levels.
Based on above studies, crude has major possibility to move upside for targets around $96.60 and then $98.50 while a day close below $91.30 will force us to reanalyze the charts.
S2 S1 cmp R1 R2
Mcx level - 5520 - 5640 - (5750) - 5890 - 5960
Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us
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