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Crude (13.03.2013) respected our analysis checkout our post on Crude & reach to $93 area.However mcx crude moved less due to INR factor. Hope you all printed money.
Now mcx crude is trading around 5040 ($92.90) & as we can see on charts crude is facing a minor resistance around $93 which also represent the 38.2% feb correction level if last descending wave. As a minor support we may witness some profit at current level but at the same time candlestick pattern & indicators not showing any sign of reversal or trend change.
Based on above studies, we will prefer to buy crude for possible targets around 5130-5140 ($94.80) area.Only a day close below 4850 ($89.10) will reject the possibility.
