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MCX Crude Oil Remain Bearish, Breakout To Lower Prices Expected

ByCommodityOnline
Published 07/30/2013, 02:28 AM
Updated 05/14/2017, 06:45 AM

MCX Crude price corrected sharply from an all-time high at Rs.6535 level last week. The price fell and closed below a two week low at Rs.6200 level. A doji star pattern can be observed on the chart near the high at Rs.6535 level, which is a bearish reversal pattern when confirmed by a fall in the price the next day.
MCX Crude Oil
The price has now fallen by more than 5% in the past week and is currently near short-term trendline support C at Rs.6160 level. However, the negative price closes in the past two-three trading sessions suggests bearish momentum and hence a breakout of the trendline support looks likely in the short-term. This could lead the price lower towards Rs.6100-6060 levels.

The 14- period RSI is currently near the horizontal support line, a downside break of which could extend the current corrective move. Hence, it is advisable to sell the commodity in the short term.

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