Crude Gold and Dow Review...
Gold :
Current View :
In
the last update for Gold had mentioned about the lower channel and it
would be difficult to break 905/880. The low made is around 884 which
seemed like a short term breakdown on daily charts but did not stay
there after the FED move. The volatility is high so there is generally
a dip below the channel or false breakdown.
On the upside 960 is 61.8% retracement and would be difficult to cross 980 zones for the short term.
Crude :
Crude
as had expected saw support around 42-43 and a breakout move above
45-46 does the tgt of 49-51 and upto 55 on higher side.
The move may face resistance around 55 levels for near term. Profit booking should set in around those levels.
Dow Jones :
As had mentioned in my last update the higher side target would be 7450 which was the 50% retracement level.
Dow
has done that target and a lil above that. The 61 % retracement comes
around 7600-7650. Doubt the index can cross that level in short term
and make a try towards the broad channel shown in red which comes to
8500.
So cautious approach now as Dow is generally a trend-setter for global markets.
TECHNICAL ANALYSIS SESSION MUMBAI --- MARCH 28-29
Interested people can call - 0981922539 Nooresh for more details. ( aftr mkt hours ).
Best Regards,
Nooresh
noorrock2002@gmail.com
http://nooreshtech.blogspot.com/
http://nooreshtech.blogspot.com/
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