MCX Crude Oil: A Shooting Star
CommodityOnline | Jun 25, 2013 06:44AM ET
Last week, after taking support of the lower band of the rectangular formation S1-R, MCX Crude price rallied sharply towards the resistance line R1. However, last week's failed attempt to close above the upper band R1 suggests that the short term trend has turned bearish. A candlestick pattern has formed into a shooting star, which is a bullish reversal pattern. The price is now trading at a 5-year high level on the MCX.
The 14-period RSI is also at the resistance line and is currently pointing downwards, indicating negative momentum for the price.
A short-term sell-off could be expected for the target of Rs.5400 level.
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