Crude Oil on a down hillCrude OIl CMP $67.52
Inverted V is a directional sell signal. Its most imp support is at $65..50/63 . Break of the same will mean further weakness. Its next support is at $44.
In my last post on Feds action I had stated that the real danger is not increasing interest rates by Fed but reducing them. They will reduce interest rates when then they see deflationary threat. The threat is real. I posted CRB index the other day. Crude is an imp component of the Index and it is showing weakness. In its next meet on 18th Sep they have further reduce the interest dates to stoke inflation if crude breaks $63. This will being in the next round of selling in the Equity mkts. So will advice not to be in a hurry to buy. The correction is still not done.
