August 26, 2012

MCX CRUDE Oil weekend update

  • Crude oil shows  a bearish candle at golden ratio
  • Daily chart too closed below 200 Day SMA.
  • If price sustains below these two resistance levels we may see correction in the coming weeks.
  • Last chart shows possibility of a bigger move which is possible if price starts to trade above last weeks candle. Price breaking below 50 Week SMA which is near 95 will favor bears of crude oil.

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