🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Crude Oil Bullish Trend, Target Rs 6250 And 6320/bbl

Published 02/11/2014, 05:54 AM
Updated 05/14/2017, 06:45 AM


Crude oil prices formed strong bottom last week and recovered sharply after it failed to breach previous week’s low marked on charts at MCX. Prices formed a bullish candlestick formation and is expected to continue its upside movement in the forthcoming week. RSI (14) has recovered steeply and has now reached 63 mark, just below what is seen as overbought zone.

Short term correction may be seen but overall trend in crude oil remains bullish for the forthcoming week. Traders are advised to initiate long positions at lower levels and may target Rs 6250 and 6320/bbl mark at MCX. At NYMEX, strong upside breakout can be seen in case prices manage to close above $101/bbl mark.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.