Crude Oil Short Term Bearish, Target 3223/3150
CommodityOnline | Dec 16, 2014 05:41AM ET
The 14-period RSI is above the support line and continues to trade lower indicating bearish momentum over the medium term (RSI is in Oversold position).
As per our previous recommendation dated 12th December 2014 of going Short on MCX Crude Oil , our Fifth target of Rs 3543 has achieved.
Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels (cmp 3510) & fresh short should be initiated on rise. The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at 3223 level.
The 14-period RSI is above the support line and continues to trade lower indicating bearish momentum over the medium term (RSI is in Oversold position).
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