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MCX Crude Oil May Witness Short Term Sell-Off

Published 07/01/2013, 03:33 AM
Updated 05/14/2017, 06:45 AM

MCX Crude price last week after taking support of the immediate support line near Rs.5650 level rallied sharply towards the channel resistance line C1. However, last week’s failed attempt to close above the upper band C1 suggests short term trend could turn bearish. Also, a bearish engulfing pattern can be seen on the chart which is bearish reversal pattern. The price is now expected to test the immediate support line near Rs.5650 level.
MCX Crude Oil
The 14-period RSI is also at the resistance line and is currently pointing downwards indicating negative momentum for the price.

Hence, a short-term sell-off could be expected for the target of Rs.5650 level.

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