August 10, 2012
- Crude oil daily chart shown with the corrective up move.
- Price is in a bearish continuation pattern.
- As long as price stays below 200 SMA this can only be called as a corrective up move.
- A bigger up move is possible only if price starts to trade above the weekly cloud, 61.8%(Golden ratio) and 200 SMA.
- Weekly line chart shows a crucial support resistance line. Weekly close above this line will strengthen bulls further.
- Bulls need to close above 100 Week SMA and the falling resistance line for gaining momentum.
- Weekly upper and lower bollinger bands has acted as turnaround levels in the recent past. If price moves above 100 Week SMA then it could lead to upper bollinger band at 5450.
- Caution: If its a bearish day today we might see a bearish weekly candle.
- TATA STEEL UPDATE
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