Crude (28.10.2013) moved long way to downside & reached to the long term target of $96.
Now crude is trading around $97.80 & as we can see on charts, crude was able to manage above 61.8% feb correction level of last ascending wave.This area also supported by the parallel support area of june 2013 as well as the oversold indicators were looking for some relief.On the fundamental side, upcoming FOMC meeting will provide more direction. meanwhile survey suggest for no major change in FOMC policy & bond buying may continue till march 2014.
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Based on above studies, we will prefer to buy crude for possible targets around $100 & then may be $103 (less chance). A day close below $95.80 will reject the forecast.
Hi,
Thanks for your valuable efforts.
It will better if you can provide technical analysis for Indian MCX market.
Regards,
Rangesh
@rangesh : mcx technical analysis involve very high volatility due to INR factor which is practically not able to track perfectly. We do manage our clients trade in mcx with an sharp eye on INR & others.