US WTI/MCX Crude Oil Recovery May Be Halted Soon

Published 01/02/2013, 05:12 AM
Updated 05/14/2017, 06:45 AM

The US WTI Crude Oil charts and MCX Crude Oil charts are showing clear recovery signs since the last two week of December but both them could test resistance levels soon before market can decide on its journey upwards or downwards.
WTI_Crude_Feb-_Jan_2
The recent rally in WTI crude oil has been supported by good volumes and an RSI of 66.16 suggest bullishness in the energy complex. However, immediate resistance is visible at 93.50 to 93.75 levels.
MCX_Crude_Oil_Jan-_Jan_2
The MCX January contract has witnessed recovery trends in the recent times but it could face resistance at 5100 levels. The present rally is supported by good volume and hence provides strength to the commodity in the near-term.

By Sreekumar Raghavan

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