May 16, 2012
- First chart is MCX Crude oil may contract in four hour time frame. Price with Ichimoku cloud shows the power of a trending market.
- Price if stays below 78.6% Fib level as shown in second chart then this fall will extend towards 4950 and lower.
- If daily candle manages to pullback and close above 78.6% Fib level Longs should be cautious.
- Reliance continues to break crucial support levels.
- Last chart is the hope for bulls of reliance it shows a possible support line with oversold stochastic. If this support line too breaks then then reliance may slip below 600 levels. If price gets support here it has to break above the resistance line shown in the last chart for a meaningful up move to happen.
- EURUSD MONTHLY TREND LINE
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