Crude Oil at MCX is now trading at record high; the commodity breached long term resistances and surged to 6750 levels. Crashing Indian rupee coupled with rise in oil demand supported crude oil rallies.
The commodity which was trading around 4900 levels in mid-April, sudden rise in the strength witnessed positive rally towards 6000 levels. It faced strong resistance at these levels. After breaching 6200 levels, the commodity rallied to 6700 levels. According to the analysis, the commodity will face resistance at 6800 levels and it may retreat to 6400 in near term on breaching 6800 levels.
The bear rally is ‘ON’ for MCX Crude Oil.The commodity may witness sell off at 675-6800 levels and may crash to 6400 levels.
Crude oil is following a rising wedge pattern, breaking these levels may illustrate a decline to 6400 levels or it may retreat towards 6300 levels. Traders are advised to stay on sideline and observe short term variation in crude oil.
On charts, crude oil is showing positive phenomenon. MACD and P-ROC (Rate of Change) is positive. RSI is bullish.
Correction at 6600-6500 levels may witness slight uptrend in the near term. The overall trend remains bearish for MCX crude oil.
MCX Crude Oil September long term: Bearish
Support: 6400, 6300
Resistance: 6800, 6850
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MCX Crude Oil: Time To Climb Down?
Published 08/19/2013, 07:38 AM
Updated 05/14/2017, 06:45 AM
MCX Crude Oil: Time To Climb Down?
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