MCX Crude Oil May Witness Short Term Sell-Off
CommodityOnline | Jul 01, 2013 03:33AM ET
MCX Crude price last week after taking support of the immediate support line near Rs.5650 level rallied sharply towards the channel resistance line C1. However, last week’s failed attempt to close above the upper band C1 suggests short term trend could turn bearish. Also, a bearish engulfing pattern can be seen on the chart which is bearish reversal pattern. The price is now expected to test the immediate support line near Rs.5650 level.
The 14-period RSI is also at the resistance line and is currently pointing downwards indicating negative momentum for the price.
Hence, a short-term sell-off could be expected for the target of Rs.5650 level.
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