Crude Oil prices at MCX are witnessing a high tops and medium bottoms. It is now trading at around 5164-5251 levels for the week.
The Triangular pattern is showing the target to 5400 levels. If this pattern is broken, trend will remain bearish.
The range bound formula around 5150-5200 levels is kept cautious as if it is breaking this level; a sudden decline to below 5000 is expected.
The trend-line at 5100 is kept directly proportionate to 5400 levels as if it is breaching this level, may witness collapse to 5100 levels in medium term.
On the charts, Crude Oil is showing a mixed picture. The MACD is slightly negative and P-ROC (Rate of Change) is in sideways. RSI is in sideways at 50.44 levels.
The medium term trend indicates that silver may breach 5350 levels on positive fundamentals. But it will fail to sustain this position tracking USD index.
The commodity still appears at the lower Bollinger Band® levels. Stochastic is at medium levels and declining, since investors should take sell position on rise.
MCX Silver July Medium Term: Sideways Up
Support: 5150, 5100
Resistance: 5350, 5400
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MCX Crude Oil Struggles To Surpass 5400 Levels
Published 05/27/2013, 06:56 AM
Updated 05/14/2017, 06:45 AM
MCX Crude Oil Struggles To Surpass 5400 Levels
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