Crude Oil Likely To Remain Bearish Trend, Support At 5950
CommodityOnline | Aug 12, 2014 08:25AM ET
Crude oil ended the week almost flat after breaking below the levels of 5950; however it managed to close the week marginally above that. Technical indicator MACD continues to hover below the center line and RSI is still in bearish mode on the flip side the level of 5950 continues to be a strong support zone for crude oil and any close below that may bring bears into action that may drag the counter towards 5750 levels.
However, a failure on the part of bears to break the support of 5950 on a closing basis and a close above Rs 6075 /bbl may result in some bounce up to 6150 levels. The trend for the week is expected to remain bearish and the strategy for the week will be to sell on rise, with a stop loss above Rs 6075/bbl.
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