MCX Crude Oil price has been in an narrow trend since the past five years forming lower tops and higher bottom supported by long-term trend line S & R.
The price after breaking the long term resistances line (R) at Rs 5500 gave sharp rally and breached the previous top of Rs 6358 and made a life time high of Rs 6440. Currently Price is trading near the long term horizontal line (R1) at Rs 6358. Short-term the Price will be trading in narrow range between long term horizontal trend line (R1) at Rs 6358 and Resistance line (R) at Rs.5629 (Previous top). The price looks positive above resistance (R1) at Rs.6358 level if breached then test of Rs.7000 and 7153 could be possible.
Further, if the price holds trend-line support R1 for a reasonable period of time (1-2 weeks), it could provide a medium-term buying opportunity and RSI has breached the long term resistances line and is currently in firm and holding above the 50 mark. If previous top is breached near Rs.5629 level then the price can test the next support at Rs.5500 level (Breakout level). Until price breaches the support of Rs.5500 level on a weekly closing basis, buying on dips is advisable.
Strategy: Buying near supports 5629-5500 is advisable for the targets of Rs.7000 level, then Rs.7153 level.
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MCX Crude Oil May Test 7000 Levels
Published 07/11/2013, 07:05 AM
Updated 05/14/2017, 06:45 AM
MCX Crude Oil May Test 7000 Levels
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