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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8936
Posted: Feb 22, 2010 5:00
Comments: 8936
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
i guess, must be news of china buy more...
i have no idea on macro, but copper rather like china proxy than bullish sign.
maybe short wti long brent is a good hedge.
Yes it looks short on daily and the move up from 89.34 low might have been a W.4 which would suggest prices to find lower low.
But potential support first at 100 and 200 DMA's 91.30 and 90.72. Then the larger trend support drawn from the 77.26 low comes in at 90.30 (and rising). The 200 WMA sits at 87.05 (and rising). My 70.7% level at 88.24. Stochastics on daily are nicely hooked down but on weekly could be trying to hook up at the 25 level. Weekly resistance at 94/94.07