Friday, January 14, 2011

MCX Crude Oil Short Term Outlook

Crude future prices are likely to fall in the short term on profit booking and could touch 4090-4050 levels within next few trading sessions.

Support for Crude is seen at 4090 and below it; prices can test 4050 while the resistance levels are seen at 4175 and 4225 respectively. 14 days RSI for MCX Crude Jan contract is at 57 levels, which shows that Crude prices are trading sideways.

Short term range for MCX Crude Jan contract is seen at 4000-4200. Short term traders can sell MCX Crude Jan contract near 4200 keeping a stop loss of 4235 and can wait for the targets of 4160-4110.


Posted By Commodity MCX Tips