Monday, January 31, 2011

Crude Oil Updates-MCX Crude Likely To Fall

MCX Crude Feb contract closed on Friday at 4107, up by 140 rupees against previous close of 3967. The contract opened up at 4125 made an intraday high at 4164 and last traded at 4096 down by 21 rupees after touch an intraday low of 3958.

Crude future prices are likely to fall from the present levels on the back of profit booking and could touch 4025-3970 levels within next few trading sessions.

Support for Crude is seen at 4050 and below it; prices can test 3990 while the resistance levels are seen at 4150 and 4215 respectively. 14 days RSI for MCX Crude Feb contract is at 51 levels, which shows that Crude prices are trading sideways.

Short term range for MCX Crude Feb contract is seen at 3900-4150. Positional traders can Sell MCX Crude Feb contract near 4175 keeping a stop loss of 4225 and can wait for the targets of 4100-4050.


Posted By Commodity MCX Tips