Commodity Call: Mcx Crude near major support

OIL-07-OCT-2013The MCX Crude Oil December futures are trading fairly closer to the lower-end of the Bollinger Band of the daily charts, which is around Rs 5,760.

Crude Oil is likely may attempt to seek support around these levels.

However, key momentum oscillators like the 14-day RSI, ADX index and the Stochastic Slow are all in favour of the bears on the daily charts, hence a downside breakout cannot be ruled out.

Bulls should look to trade long positions with a strict stop at Rs 5,750-odd levels.

As per the daily Fibonacci charts, MCX Crude Oil December futures today may seek support around Rs 5,735-5,720-5,705, while face resistance around Rs 5,825-5,840-5,855

For 2 Day Free Trial Mcx Tips Visit Here

Leave a Reply

Your email address will not be published. Required fields are marked *