MCX Crude Trends Sideways; Resistance At 5212-5230

Published 01/28/2013, 11:48 PM
Updated 05/14/2017, 06:45 AM
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MCX Lead has a range bound week ahead as the indicators show a slight positive trend. Higher inventories and weak Dollar index has reflected the market prices. Crude has recovered from the lower levels from last month.

The neutral pattern shows a sideways trend during the last week. Crude oil has recovered from 5000 and now trading at 5175. MCX Lead may witness a range bound this week around 5150-5250, since the chart has crossover at 20 day SMA at 5175.40.

The slight flag shown during the week has witnessed a sideway pattern at higher levels. The slow stochastic level, positive MACD at 35.93 and the relative strength index shown at 58.14 may show a correction during this week.

S1: 5166 S2: 5131
R1: 5212 R2: 5230

Trend: Sideways
mcx_crude

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