MCX Crude Oil: The Big Fish In The Pond!

By CommodityOnlineCommoditiesJul 23, 2013 07:38AM ET

www.investing.com/analysis/mcx-crude-oil:-the-big-fish-in-the-pond!-176677

MCX Crude Oil: The Big Fish In The Pond!

By CommodityOnline | Jul 23, 2013 07:38AM ET

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There’s something to be understood about the price of oil; it makes money. It doesn’t matter about what Bernanke has told or what happened to dollar and gold. It always shows the aggressiveness for becoming a prince, An Uncrowned Prince!!!

Crude oil prices at MCX continued the bull rally to 6,600 levels. Sell off at particular intervals impacted partially in crude futures.

The commodity has twice failed at 6500 levels and retreated to 6,350 levels. It witnessed strong support at these levels and tracked a range bound rally around 6,350-6,400.

MCX Crude Oil

Crude oil is following a rising wedge pattern, breaking this pattern may witness steady decline to 6200 levels or if not, it may rally towards 6,700 levels. Traders are advised to stay on buy position and observe short term variation in crude oil.

The commodity should remain around 6,300-6,360 levels or else it may decline to 6,200 levels.

In charts, crude oil is showing a mixed picture. MACD is positive and P-ROC (Rate of Change) is at bullish territory. RSI is neutral.

Profit selling at 6,500 levels may witness slight downtrend in the near term. The overall trend remains positive for MCX crude oil.

MCX Crude Oil August short term: Bullish

Support: 6300, 6,200
Resistance: 6500, 6600

Turn around levels: 6300-6500-6000

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MCX Crude Oil: The Big Fish In The Pond!

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