04th Oct - CRB Index Pauses After Bull Break
04 October 2012
WEEKLY CHART - CONTINUATION
The Index earlier violated key resistance provided by the 38.2% retracement & channel top projection, giving a bull signal.
S/term resistance has come from the 50% retracement area. But, for now, there is room for further bull activity in due course with the 331.02 61.8% level as next focus on the upside.
DAILY CHART – Dec-12:
After the push through a 76.4% level s/term reversal has been seen. But the picture remains positive for now, and the 326.02 Feb high stays vulnerable. Beyond this we have marked in a Fibo projection just under 340.00.
Meanwhile first support comes from the 38.2% pullback level just above 300.00. A break below this would concern bulls, but a break of lower support around the level of the old 292.39 Oct-11 low would be more serious.
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