The CRB has about 10% to go to the upside a natural target would be the 300 level (38%) and the chart shows clear signs that 300 will be an easy target as we need at least 4 weekly higher closes. Once we reached that one should consider shorting Australia and especially the housing market looks like a big bubble which will bring severe problems to Aussie banks. Anyway one can still go long the CRB which is lagging the action.
Wednesday, December 23, 2009
CRB update - still a buy
The CRB has about 10% to go to the upside a natural target would be the 300 level (38%) and the chart shows clear signs that 300 will be an easy target as we need at least 4 weekly higher closes. Once we reached that one should consider shorting Australia and especially the housing market looks like a big bubble which will bring severe problems to Aussie banks. Anyway one can still go long the CRB which is lagging the action.
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