WTICrude Bullish, MCXCrude Sideways

Published 01/15/2013, 12:21 AM
Updated 05/14/2017, 06:45 AM

Good times seem to be back for WTI Crude oil both in fundamental terms and technical terms. The expansion of Seaway pipeline will pump more oil from Cushing, Oklahoma to Gulf Coast which is expected to narrow the spread between Brent crude and WTI further. On technical charts, the WTI crude oil is clearly in an uptrend since Mid-December and RSI of 69.18 is bullish and prices are above 18-day SMA of $91.68 per barrel.
Good times seems to be back for WTI Crude oil both in fundamental terms and technical terms. The expansion of Seaway pipeline will pump more oil from Cushing, Oklahoma to Gulf Coast which is expected to narrow the spread between Brent crude and WTI further. On technical charts, the WTI crude oil is clearly in an uptrend since Mid-December and RSI of 69.18 is bullish and prices are above 18 day SMA of $91.68 per barrel.
On the other hand, MCX Crude Oil has been showing a sideways trend failing to break above the recent high of $5164 per barrel and trading in a narrow range. The strengthening of the Indian rupee against US dollar at 54.63 levels may be contributing to the range-bound phenomenon as a stronger rupee helps crude oil denominated in dollars remain cheaper.
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By Sreekumar Raghavan

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