Friday, July 8, 2011

MCX Crude Updates and Trading Tips for Today

Crude oil Showed up a good momentum on Thursday and its most active contract (July futures) rallied almost 1.5%.
The said contract opened at 4299, made an intraday high of 4409 and finally closed at 4363.
Crude is likely to touch 4400-4450 for the day if it manages to sustain above 5350 mark.
Crucial support for the said contract is seems to reside near 4300. A trade below the same may let crude oil to test 4250-4200 levels.
Trading range for crude oil for near term is 4250-4450.
Traders can buy crude oil 4360-70 for the targets- 4400-4450 stoploss-4310
below 4299 sell crude oil for targets- 4250-4225.


Posted By Commodity MCX Tips