Investing.com - Financial Markets Worldwide

MCX Crude Oil May Rally Down To 6200 Levels

ByCommodityOnline
Published 08/12/2013, 03:59 AM
Updated 05/14/2017, 06:45 AM

MCX Crude August futures is trading at 6440 level. The prices were unable to break the previous high and settled lower at 6415 on weekly basis. The commodity is currently hovering between 38.2% and 50% Fibonacci levels of the range of 6640-6170 levels. On the upper side prices have immediate resistance of 6460 level which is 38.2% Fibonacci resistance level of the range of 6640-6170 level. Once it breaches and sustains above the same it has next resistance of 6530 level which is 23.6% Fibonacci support level of the above mentioned range.
MCX Crude Oil
On weekly basis, lower side prices have crucial support of 6350 level which is 61.8% Fibonacci support level and once breaking, it may fall further to 6200 levels. While talking about the weekly scenario, prices have weekly resistnace of 6640 level while lower side prices have support of 6200 level. If crude oil prices break the weekly resistance, then it may trade higher or it may remain negaitve on weekly basis. Short term traders may use sell at higher levels strategy in crude oil prices.

Weekly Call : Crude Oil August Strategy: Sell between 6480-6500 SL 6640 TGT 6280 and 6200

Latest comments

Loading next article…
Install Our App
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.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.