MCX Crude Could Sustain Resistance Around 5400 Levels
CommodityOnline | Jun 04, 2013 05:23AM ET
The MCX Crude Oil June expiry contract is forming a double top at 5400 range. The neckline is at 5160 on the daily chart, while it’s also forming an H&S pattern on the 4hourly chart with the neckline near 5190. The market will turn negative below 5160 for immediate target of 4950, while 5300 will act like a minor resistance and 5400 as major resistance for trend reversal.
Trade plan: traders can sell below 5190 and even more below 5160 for a target of 5005 & 4950, with SL above 5300 on a closing basis.
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