Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

MCX Crude Oil: The Big Fish In The Pond!

Published 07/23/2013, 07:38 AM
Updated 05/14/2017, 06:45 AM

There’s something to be understood about the price of oil; it makes money. It doesn’t matter about what Bernanke has told or what happened to dollar and gold. It always shows the aggressiveness for becoming a prince, An Uncrowned Prince!!!

Crude oil prices at MCX continued the bull rally to 6,600 levels. Sell off at particular intervals impacted partially in crude futures.

The commodity has twice failed at 6500 levels and retreated to 6,350 levels. It witnessed strong support at these levels and tracked a range bound rally around 6,350-6,400.
MCX Crude Oil
Crude oil is following a rising wedge pattern, breaking this pattern may witness steady decline to 6200 levels or if not, it may rally towards 6,700 levels. Traders are advised to stay on buy position and observe short term variation in crude oil.

The commodity should remain around 6,300-6,360 levels or else it may decline to 6,200 levels.

In charts, crude oil is showing a mixed picture. MACD is positive and P-ROC (Rate of Change) is at bullish territory. RSI is neutral.

Profit selling at 6,500 levels may witness slight downtrend in the near term. The overall trend remains positive for MCX crude oil.

MCX Crude Oil August short term: Bullish

Support: 6300, 6,200
Resistance: 6500, 6600

Turn around levels: 6300-6500-6000

Latest comments

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.