Crude Oil should see FIRST Support at around US$78/barrel… Now at US$79.55
Posted by admin in Commodities, Events and Advertisements, Futures Pick, Market AnalysisGood Evening,
3 days ago, I was very bearish on the Crude Oil as it hit US$83.95 on the Futures market. Many people were asking why am I turning bearish on this market when I was noted to be the most bullish Singaporean market technician on crude oil since March 2009.
Actually, I am still very bullish on this commodity but I figure out that it need a breather and US$83/barrel will be its first resistance and think that it should return back to below US$80. And true enough, in 2 days, this commodity is trading below US$80/barrel. Its trading at US$79.55 now.
Based on my charting, I foresee alittle more downside on this commodity. The first support should be between US$77-78 level but the real support should be at US$75/barrel. This level will be very comfortable for buying and targetting it to hit US$90/barrel by June 2010 and potentially US$101/barrel by Sep 2010.
YES! I am THAT BULLISH on this market. You can put this on record!
But of course, nothing is 100% in the world so my prediction may be wrong/off but at least I got a reliable V3Go system to guide me alongside. I will show the chart of the Crude Oil and S&P chart later and for today, both of them is a SELL.
See you tomorrow! Good night!
Disclaimer apply as usual
Kelvin Han
aka Trend Master
Originator of V3Go Mentoring Program
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