Crude Oil May Witness Up Trend, Tgt 6700/bbl
CommodityOnline | Jun 17, 2014 05:24AM ET
Prices breached crucial resistances of Rs 6200/bbl and Rs 6310/bbl at MCX swiftly and closed the week above them, an indication that bulls are holding the steering tightly and may not lose to bears in the near future.
Crude oil prices demonstrated sharp bullish behavior last week to close almost 6 percent higher after closing in red for two consecutive weeks. Prices breached crucial resistances of Rs 6200/bbl and Rs 6310/bbl at MCX swiftly and closed the week above them, an indication that bulls are holding the steering tightly and may not lose to bears in the near future. On the lower side, Rs 6300/bbl may offer support to the counter in case some profit booking happens. Trending as well as momentum indicators are pointing towards more upside in the counter and traders are advised to initiate long positions at lower levels with above mentioned sup-port level (Rs 6200/bbl) as stoploss and Rs 6550 and Rs 6700/bbl as targets.
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