Outlook for USDINR, Lightsweet crude and Brent crude
INDICES, GOLD and SILVER
USDINR (spot): first nearby res 52.40 and convincingbreak and settlement as shown (CI1) witharrow will confirm a double top (of 1and 2 as shown) and tends to stronger areatowards 51.20(1st target area) followed by 51.85. Secondly, anyconvincing break and staying below and settlement below of 51.20, which willconfirm a H&S formation, which may indicate towards 49.85 followed by fib38.2% at 50.10 (2nd or finaltarget on the basis of situation within 50.10-49.85 area) and 48.90 (finaltarget, which is also fib 50% .
BRENTCRUDE vs LS CRUDE (continuation base):
SPREAD OPTION: BUY $SWEET, SELL $BRENT
LS crude:formed a reverse H&S(showed as 1,2,3 and confirmation on res) and holdsabove with a +ve week on candle chart (Jan’12 contract) although nearby res$103.8. a positive move is better optionfor future expectation. If so, then anyconvincing breakout above $103.8/104, a shoot up can possible towards $115 (marked as*) followed by a mild res $104.80/105.20 and $108, $111.
BRENT: alikeLS crude it also seems +ve on chart(continuation basis) but ‘ve to face 1sthurdle at res $116 as months back faced a false break out or bull trap (shownas ‘F’ and within a circle). If can breach above then next res is coming as$122.
DOW (spot): alike cl, it has also making a reverse H$S, nearby res12430, and any convincing break higher likely to push towards 2011 hi of 12876(and a long ascending trend res @13130-160). If so better to keep in mind itsall time high is 14198 on 11/10/2007.
S&P (spot):following dow and can complete a reverse H&S if capable to settle above1295 convincingly. If so anda descendingres‘ll be @1308/10 and 2011 high of 1370.
NIFTY (spot):any convincing break above 4790 can push towards 4835/40 and follow through andgood settlement can push towards 5030 and 5100.
SENSEX (spot): convincingbreak above 16050 and follow through with good settlement can push towards17k/17100 followed by 16750.
GOLD: sustainingabove long term ascending sup line on weekly basis.
SILVER:naturally volatile as a speculative metal. Tested 2011 low of in the yearend.
Stillseeing specially precious is bullish in midterm and ferociously bullish in longterm. I’m waiting for getting a better entry point to avoid hit by volatility.
NB: Thisfor sharing thought and interest.
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