Thursday, July 28, 2011

MCX Crude Oil News: Prices Likely to Fall Further

Crude Oil Prices had to face a sell off today and its most active contract August Futures declined more than 1.5%. The contract opened with negative bias at 4410 and the same was the day high for it. 
In MCX India, crude oil may see some more decline and prices may drag down to 4200-4150 levels in short term. The nearest support is seen near 4310 below which it can touch 4250-4210 levels.

To recover the buying momentum, 4425 will be the requisite level.  


Posted By Commodity MCX Tips