Crude Oil Short Term Bearish, Target 4448/4300
CommodityOnline | Nov 05, 2014 02:13AM ET
The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.4448 level.
As per our previous recommendation dated 10th October 2014 of going Short on MCX Crude Oil , our first target of Rs 4716 has achieved.
Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels & fresh short should be initiated on rise in December contract. The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.4448 level.
The 14-period RSI is above the support line and continues to trade lower indicating bearish momentum over the medium term.
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