Prices likely to bounce in the zone 289-290 -if goes above 291-then we will look for 294-295 but yes, it should prove correct & later we shall expect another fall.
Those who have taken long positions today in the zone 285-285.50 should trail their stops to cost price & shall hold for target 289-290 first above 291 -can look for 294-295
If goes below 285 -exit long at cost price & wait for CP to go below 281 swing low to give us confidence that downtrend has started back.
In that case I shall come back.
Sometimes you have to leave some of bit of profits for someone else - we will go short below 281 & if sustains also if it goes beyond 290 then possibly it goes to 294-295 which could be looked as trading opportunity.
Here we come -Bang On Target -its day high for ChennaiPetro@292. 40 - Vow