Wednesday, May 11, 2011

MCX crude OIl Updates- Crude falls ahead of EIA inventory data

MCX Crude May contract closed on Tuesday at 4610 rupees per barrel, up by 69 rupees against previous close of 4541. The contract opened up this morning at 4620 made an intraday high at 4674 and last traded at 4566 down by 44 rupees after touching an intraday low of 45 rupees.

In international markets, Crude prices last traded near 102 USD per barrel. Crude in dollar terms are likely fall further because of weak global demand and may touch 96-93 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4200-4050 in the coming few trading days.

Support for Crude is seen at 4500 and below it; prices can test 4400 while the resistance levels are seen at 4675 and 4750 respectively.

Short term range for MCX Crude May contract is seen at 4100-4750.


Posted By Commodity MCX Tips