AS OF NOW, THERE IS LOT OF CONFUSION WITH MY CRUDE POSITIONAL ANALYSIS.
BUT STILL I AM BEARISH. As per my view we are in COMPLEX ABC correction and expecting one more fall towards 37$.
TRADING IN THIS CONFUSION IS NOT ADVISED. BETTER WE CAN WATCH. RISK TAKERS CAN GO WITH THE TRADE IDEA GIVEN AT THE END. Based on my Analysis,
If crude resisted by 51.72/49.07, I expect to see more down move for targets: 43.86, 43.31, 42.11, 41.26, 40.28, 37.33, 34.09.
Based on my Hourly Chart,
Resistance 1: 51.72/49.07
Supports: 44.20/43.58
As per my view, we are in abc correction and I expect more up move and expecting 48.60, 49.07, 49.33, 49.97, 51.72(100%). If crude resisted by 51.72, any reversal from these levels, first target on the down side is 43.58.
Resistance 2: 57.54
Supports: 44.20/43.58
If We take 57.54 as the resistance and the wave end at 44.20. Then we are in complex ABC correction and the current up move is a Wave C. If so, upside retracement levels are: 49.33, 50.87, 52.44, 53.62, 54.67, 57.54 (100%). Any reversal from these levles, first target is 43.58.
TRADE IDEA:Sell Crude at CMP (47.68) or on next high with Strict SL 49.15/41.85 for 46.5, 44.45, 43.58, 43.31, 42.11, 41.26, 40.28, 37.33, 34.09.
MCX Resistances: 3070/3130. AS long as these resists, Sell on Rise is my strategy. Will be reanalysing my charts, if there is any break of these resistances.
As per call Given on 29-Feb-2014Sellers SL 49.15/51.85(max). Targets: 43.8, [[43.20]], 42.53, 41.81, 41.09, [[40.7]], [[37.90]], 37.40, [[35.40]].
Sellers SL 3070/3140(max). Targets: 2762, 2720/2703, 2686, 2614, 2548, 2503, 2450, 2337.
TRADE AT YOUR RISK. WE CAN WAIT FOR CLEAR TREND. WILL UPDATE MY VIEW, IF THERE IS ANY CHANGE IN MY VIEW.
SELLERS SL: 51.85/3140.
BUYERS SL: 43.4/ 2710.
AS OF NOW STOP LOSS IS VERY BIG ON BOTH SIDES.
