Crude Oil is always the prince of commodities. Even if the commodity fails to rally, it always remembers to survive like a king. Aggressive sell off at higher levels failed to make a dent in crude oil prices.
MCX crude oil has been trading within the upward-sloping trend channel since the past two months forming higher tops and bottoms. The price has recently showing a breakout signal near 6800 and channel resistances which could set off the price to 6850. The 14-period RSI is currently pointing higher and holding well above the 50 mark indicates further bullishness.
As long as the price sustains above short-term support at 6600 level and 6850 remain as an untouched resistance, buying sentiments is seen for crude oil.
Crude oil should remain around 6700-6800 or else it may decline to 6400 levels. There it may face support at 6400 levels.
On charts, the commodity is showing bullish phenomenon. MACD and P-ROC (Rate of Change) is at bullish territory. RSI is positive.
Breaching 6900 levels may witness rally towards 7000 levels looks possible. A strange rally…
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MCX Crude Oil: Will It Ever Touch 7000 Levels?
Published 08/22/2013, 08:10 AM
Updated 05/14/2017, 06:45 AM
MCX Crude Oil: Will It Ever Touch 7000 Levels?
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