17th May - CRB Index Breaks Key Support
17 May 2012
WEEKLY CHART - CONTINUATION
Key support had earlier been seen from the 61.8% retracement and 293.75 Jan-10 high. It has finally failed and bears’ focus is now on the lower 276.40 76.4% level as the next target/support here.
DAILY CHART:
On the Daily chart the important support came from the rising support line plus 292.39 Oct-11 low. Violation of this confirms that bears are now back in the driving seat, calling for lower targets.
On this chart note the first Fibo projection at 273.40, not far below the 76.4% level on the Weekly chart.
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