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Crude Oil Medium Term Bullish

Published 12/18/2013, 02:02 AM
Updated 05/14/2017, 06:45 AM
Crude Oil
MCX Crude oil price is in a major uptrend indicated by higher tops and higher bottoms on the daily chart. However, price after falling 61.8% of its previous rally has shown signs of consolidation. Price has been trading in range of 5750-6100.

The price is moving in a narrow range, hitting resistance at the top and finding support at its bottom. Also, short term moving average is now above the long term moving average after approximately 3months. This indicates that there is a shift in the momentum and price closing above the crossover suggests beginning of a new uptrend.

The 14-period RSI is also trading above the 50 mark and upward sloping trendline indicating positive momentum for the price. Hence it is advisable to Buy the commodity on dips for the target of Rs.6300-6450 on the upside.

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