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MCX Crude Oil May Trade On Strong Sentiments

Published 07/22/2013, 07:16 AM
Updated 05/14/2017, 06:45 AM

MCX Crude price has been rallying sharply after giving a break out of symmetrical triangle pattern shown by the dotted lines. Also, price last week made a new all time high by breaching its previous peak of Rs 6358 level (R), making a high of Rs 6450. Momentum has been strong in the price indicated by higher tops and higher bottoms within the channel C-C1. Price is now expected to move towards T placed at Rs. 6600 level which is measured by taking the height of the triangle pattern and placing it at the breakout level.
MCX Crude Oil
Also, the 14- period RSI is indicating the strong momentum by taking support at 65 mark and also breaching its resistance line.

Hence, it is advisable to buy the commodity for the target of 6600 in the short term.

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