Crude December as seen in the weekly chart, after making a high of 5275, fell sharply towards 5100 levels.
For the next week we expect Crude prices to find resistance at 5250 and further above strong resistance is seen at 5275. Trading consistently above 5280 would renew the previous rally initially towards 5400, then finally towards the Major resistance at 5470 levels, and then 5600.
Support is now observed at 5120. If it breaks with volume then it can touch 4950. Trading below 4980 would trigger a sharp fall initially towards 4850, then 4800, and then finally towards the Major support at 4500.
Trend Decider of this week: 5182
COPPER (FEB. 2012)
Copper February as seen in the weekly chart, found good resistance at 415, and lower side 404.
For the next week we expect Copper prices to find resistance at 415. Trading consistently above 415 would trigger a sharp rally initially towards 421, and then finally towards the Major resistance at 434-441.
Support is now observed at 403-398. Trading consistently below 398 can give correction initially towards 388, then 380, and then finally towards 373.
Trend Decider of this week: 411