I Try to keep it Much Simple as already i have updated the "MAY" Strategy in the Previous week - And also i had mentioned somewhere SELL IN MAY will not be the same this time but of course It will happen but not the same as past 2 to 3 times -
As some of us know There does exists a interlink Pattern in CRUDE & COPPER with STOCK MARKETS - That is If stock markets are Bullish then Economy is in Healthy pace & so does Copper & Crude oil Rises whenever index are bullish & vice versa .
Traders should also know it doesn't happen always the same - The inverse pattern keeps changing In between which can be identified if you are a keen observer of prices and its behavioural pattern (tape reading) but this time keep in mind that even though stock markets were strong bullish copper and crude under performed and slipping into a technical correction or whatsoever. but world markets kept on making new highs and higher highs and there came the initial signs of inverse pattern .
Before while giving multibagger sell call in copper we had mentioned that after bottoming out the next upside movement will be Aggressive bullish & it wont give a inch of time for traders to think what needs to be done & we all have seen that movement in copper during the previous weeks 6% surge .
Talking about crude - its movement will be much similar to copper- calling 90 the bottom for crude we have maintained a strong bullish view targeting 123 Mark - A higher high of the previous run up 115 - Which can also be termed as Retracement of All Time High 147 in 2007 - 2008
When prices need to rise or move in a particular Direction there occurs a natural phenomenon which coincides & leads the prices towards its mark regardless of all technicals & fundamentals and now its time for the prices to retrace (2nd wave) 147 highs which crude failed in its repeated previous attempts stalling and giving up near 97.80 - 98.20 - and recent drop in prices below 90 - 89.38 till 85.61 can be assumed to have taken steam for a breakout above the short term resistance 103.06 -
for the above strategy of oil can be confirmed by the price behaviour if oil snubs 98.30 & makes a high of 99.30 & 100.02
However 93.78 - 93.45 Would be an Ideal Buy Level if get for Near term targets 99.70 - 100.20 - 103.06 & short term target 123 , maintaining stops below 91.80 , Now trading @ 96
Copper short term Ideal Buy will be on all dips below 3.301 for the week & target is @ 3.365 - 3.418 - 3.512 - 3.626 >> break out Short Term Target Capped @ 4.072 - 4.244 , now trading @ 3.296 , Stops below 3.065
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