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MCX Crude Oil May Rush To 5500 Levels

ByCommodityOnline
Published 06/07/2013, 08:32 AM
Updated 05/14/2017, 06:45 AM
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On Friday, MCX Crude Oil witnessed a bullish rally towards 5500 levels. The commodity is showing good acceleration at higher prices. A better trend is expected comparing the long and medium term indicators,

Crude Oil prices at MCX traded with a positive rally around 5400-5500 levels. The June contract retraced the March rally, and traded around 5287-5440 levels for the week.

For the long term, the commodity followed a triangular pattern, which indicated a rally towards 5500 or more.

MCX Crude Oil
For medium term perspective, the bullish flag pattern could have been breached at 5500 (T1) levels. The trend line at 5200 (T2) levels could act as crucial support.

If Crude Oil breached the 5500 levels, a sudden decline to 5200 levels could be expected. Another support is seen at 4999 levels. The commodity will face another resistance at 5530 levels.

On charts, crude oil is showing character for positive rally. The MACD is quite positive and P-ROC (Rate of Change) is at bullish territory. The RSI is strong above 60 levels.

Short covering at 5200 levels could witness slight uptrend in the near term. The overall trend remains bullish for MCX Crude Oil.

MCX Crude Oil June Medium Term: Bullish

Support: 5200, 4999
Resistance: 5500, 5530

Turn around levels: 4999-5200-5500

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