February 22, 2013
CHART -I (SHOWN ON 15-FEB)
- Broadening Top shown on a Previous post on MCX CRUDE OIL; Has worked well so far.
- Price sustaining below the falling support line and 50% Fib level will extend the fall towards Golden ratio.
- 100 Day SMA is also at 50% Fib level so this level may try to protect bulls. Daily close below this level will extend the fall.
- Price testing 20 Week SMA or Weekly Middle Bollinger band.
- Weekly MACD Lines are showing a bearish cross which need price to fall below 20 Week SMA for bigger falls to happen.
- Daily chart shows a Head and shoulders pattern But price seeking support at 100 Day SMA.
- Breaking 100 SMA or a Weekly close below 20 Week SMA will extend gains for bears. Taking support at the above mentioned levels may result in a bounce.