Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

MCX Crude Oil Could Witness Short Term Correction

Published 06/17/2013, 08:08 AM
Updated 05/14/2017, 06:45 AM
CL
-
IMOEX
-

Last week, after taking support of the middle band of the rising trend channel C-C1, MCX Crude price rallied sharply to close the week up by more than 2.5%. The price is now trading at a 5-year high level on MCX. However, the price is currently very close to the upper band of the channel C-C1, hence a corrective downside move could be possible in the short-term. A test of channel resistance line C1 near Rs.5700-5725 levels could be used as a selling opportunity for the target of support near the middle band at Rs.5520 level.
MCX Crude
The 14-period RSI is close to the resistance line, and is currently in overbought territory which could lead to a short-term correction.

A short-term sell-off could be expected for the target of Rs.5520 level.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.