Crude Oil bearish outlook, sell for traget at 6100
CommodityOnline | Jul 25, 2014 07:54AM ET
This indicates a bearish outlook. On any rise till Rs6,175-6,185 one can sell for a target of Rs6,100-6,075. Trade above Rs6,225 will negate a bearish view on the counter.
As one can see from the adjacent chart MCX crude oil has formed a head-and-shoulder pattern on the one-hour chart below.
A cross-down on the short and long moving averages indicates bearishness in the commodity. The other technical observations are as follows: the Moving Average Convergence Divergence is valued at (10), the RelativeStrength Index is valued at 40 and the Momentum is valued at (52). This indicates a bearish outlook. On any rise till Rs6,175-6,185 one can sell for a target of Rs6,100-6,075. Trade above Rs6,225 will negate a bearish view on the counter. (Parabolic SAR is above the current market price, valued at Rs6,215.).
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