MCX Crude price has been rallying sharply after giving a break out at Rs 5500 (R) and made a life time high of Rs 6440. Momentum has been strong in the price indicated by higher tops and higher bottoms. Also, Price has breached its previous peak placed at Rs.6360 level and is now trading at multi year high. Price is now expected to move towards T1 placed at Rs. 6600 level.
Also, the 14- period RSI is indicating the strong momentum by taking support at 65 mark and also breaching its resistance line.
Hence, it is advisable to buy the commodity for the target of 6600 in the short term.