Crude (12.9.2014) fall sharply in last few weeks & reach to the $90 psychological level.
Now crude is trading around $92.40 & the bounce $90 mark is well supported by many factors like 261.8% February retracement. , a lower trendline of descending channel as well as a very strong positive divergence. All this together providing a buying opportunity at current level.
On fundamental side , continue demand for sanction on russia putting a dent on crude production future.
Based on above studies , crude possibly move towards $94.80 & then $96.50. a day close below $89.50 will delay the forecast.
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MCX -> S2(5550) S1(5550) cmp(5678) R1(5740) R2(5833)
Note – Above technical analysis is not a buy/sell recommendation.
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