Crude Positional View 28/05/2014
Crude travelled long distance in MCX and also in NYMEX.
MCX
If 6200 restricts, we can see some down moves.
Retracement levels: 6141, 6106 (already done), 6077, 6049, 6027, 5956 (100%).
If it reverses from any of these levels, first target is 6198. Let us wait and watch.
NOTE: It has already done the minimum retracements of 6141, 6106.
Resistance: 6198
Support: 5956, 5930.
For upmove, need to break 6200, down move 5930.
NYMEX
If 104.50 restricts, we can see some down moves.
Retracement levels: 103.13, 102.29, 101.61, 100.94, 100.43, 98.74(100%).
If it reverses from any of these levels, first target is 104.50. Let us wait and watch.
Resistance: 104.50
Support: 98.74, 97.28.
For upmove, need to break 104.50, down move 97.28
If anyside breakout both in MCX and NYMEX, expecting a big move. Watch and trade carefully.
No Calls from me as of now.
Crude travelled long distance in MCX and also in NYMEX.
MCX
If 6200 restricts, we can see some down moves.
Retracement levels: 6141, 6106 (already done), 6077, 6049, 6027, 5956 (100%).
If it reverses from any of these levels, first target is 6198. Let us wait and watch.
NOTE: It has already done the minimum retracements of 6141, 6106.
Resistance: 6198
Support: 5956, 5930.
For upmove, need to break 6200, down move 5930.
NYMEX
If 104.50 restricts, we can see some down moves.
Retracement levels: 103.13, 102.29, 101.61, 100.94, 100.43, 98.74(100%).
If it reverses from any of these levels, first target is 104.50. Let us wait and watch.
Resistance: 104.50
Support: 98.74, 97.28.
For upmove, need to break 104.50, down move 97.28
If anyside breakout both in MCX and NYMEX, expecting a big move. Watch and trade carefully.
No Calls from me as of now.
