BSH: NYMEX CRUDE technical Outlook: NYMEX crude was trading in a range for the past three months. In terms of price pattern it has formed a flat pattern in wave II and has broken out. Last week crude consolidated and gave up some of the gains and thereby closing in the red for the week. Our sense is that it is retesting the breakout. It is currently trading around the 20-day simple moving average ($105), which is a crucial support, and which has to hold if crude has to continue its upward momentum. The daily momentum indicator has given a negative crossover and thus we might see some more sideways consolidation before the next move on the upside resumes. During this period $105 and $104.2 which are the 20-and 40-day moving average will act as a crucial support. The target on the upside is placed at $114, which is the equality target. The stop loss should be placed at $101.6, which is the swing’s low
Posted on: Mon, 30 Jun 2014 10:09:23 +0000
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