MCX Crude Oil May Track Bullish Path

Published 05/13/2013, 07:10 AM
Updated 05/14/2017, 06:45 AM
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MCX Crude price closed the session higher abovethe previous, week after recovering from its low and continuing the up move rally seen last week. The majority of the losses made in former weeks, saw a V-shaped rally in the price from good support area near Rs.4650 level. The price closed near its highest level for last week, indicating that further gains could be possible in the current week. A test of Rs. 5457 (Previous top) and trendline resistance shown by dotted line near Rs.5517 level could be possible in the coming week.

MCX Crude Oil
The 14-period RSI has been constantly swinging between the support and resistance lines. It has once again reversed from the support line, and is currently above the 50 mark, indicating that a test of the resistance line is possible. This would be supportive for the price.

The overall bias remains positive for the price in the short term.

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