Wednesday, February 23, 2011

MCX News- Crude Oil Likely to up

Crude future prices are likely to rise further on geopolitical tension and the situation in Middle East is worsening which could lift Crude prices upward and may touch 4415-4475 levels within next few trading days.

Support for Crude is seen at 4325 and below it; prices can test 4275 while the resistance levels are seen at 4425 and 4475 respectively. 14 days RSI for MCX Crude Mar contract is at 70 levels, which shows that Crude prices are entering in overbought zone and rising steadily.

Short term range for MCX Crude Mar contract is seen at 4150-4450. Positional traders can Buy MCX Crude Mar contract near 4340 keeping a stop loss of 4290 and can wait for the targets of 4400-4440.


kunal dusane said...

The euro has tumbled 3 percent this week against the dollar, hitting 12-year lows below $1.05 on Friday, as the European Central Bank began asset purchases that will eventually help pump a trillion euros into the economy.

Posted By Commodity MCX Tips