Investing.com - Financial Markets Worldwide
June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

MCX Crude Oil Struggles To Surpass 5400 Levels

ByCommodityOnline
Published 05/27/2013, 06:56 AM
Updated 05/14/2017, 06:45 AM
SI
-
CL
-
IMOEX
-

Crude Oil prices at MCX are witnessing a high tops and medium bottoms. It is now trading at around 5164-5251 levels for the week.

The Triangular pattern is showing the target to 5400 levels. If this pattern is broken, trend will remain bearish.

The range bound formula around 5150-5200 levels is kept cautious as if it is breaking this level; a sudden decline to below 5000 is expected.

The trend-line at 5100 is kept directly proportionate to 5400 levels as if it is breaching this level, may witness collapse to 5100 levels in medium term.

MCX Crude Oil
On the charts, Crude Oil is showing a mixed picture. The MACD is slightly negative and P-ROC (Rate of Change) is in sideways. RSI is in sideways at 50.44 levels.

The medium term trend indicates that silver may breach 5350 levels on positive fundamentals. But it will fail to sustain this position tracking USD index.

The commodity still appears at the lower Bollinger Band® levels. Stochastic is at medium levels and declining, since investors should take sell position on rise.

MCX Silver July Medium Term: Sideways Up

Support: 5150, 5100
Resistance: 5350, 5400

Latest comments

Loading next article…
Install Our App
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.