Crude Oil Witness Drops Below 4700 Level: Kedia
CommodityOnline | Nov 05, 2014 03:52AM ET
Prices bounce enough to help the trader to re-enter in the market. Any bounce should bring in sellers though, and we do believe that the resistance above will be more than enough to keep the market below the $80 or 4950 on MCX.
Crude oil prices broke down, testing the $76 while on MCX dropped below 4700 level. Prices bounce enough to help the trader to re-enter in the market. Any bounce should bring in sellers though, and we do believe that the resistance above will be more than enough to keep the market below the $80 or 4950 on MCX. US dollar looks like it’s ready to continue going higher overall, and as a result putting pressure on commodities. Now Crude is getting support at 4580 and below could see a test of 4400 level, and resistance is now likely to be seen at 4860, a move above could see prices testing 5020.
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