Crude Oil Short Term Bearish, Tgt 5190/5000
CommodityOnline | Sep 11, 2014 07:14AM ET
Hence the short term trend continues to look bearish for Crude oil and a test of previous low at Rs.5190/5000 (T) level looks possible.
MCX Crude Oil has been in an sidewise down trend since past three months forming lower tops and lower bottoms. A BREAKDOWN can be seen from the current level as price has breached the major long term support line (S) and channel support at Rs 5640 and if price Sustain below then it will trigger further correction till Rs.5190/5000 (previous low),as seen in the chart above. Hence the short term trend continues to look bearish for Crude oil and a test of previous low at Rs.5190/5000 (T) level looks possible.
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