The commodity Mar contract for crude oil is closed on Monday at commodity price of 4544 per barrel, at low by 15 rupees against Friday’s close of 4559 on the back of profit booking. The commodity contract opened at low of 4530 made the same level as an intraday high and last traded at 4413 low by 131 rupees. The said contract made an intraday low of 4393.
The commodity future prices for crurde are likely to fall further and could touch 4300-4250 levels within next few trading days.
The commodity support levels for Crude is seen at 4375 and below it; prices can test 4325 while the resistance levels are seen at 4475 and 4525 respectively. 14 days RSI for MCX Crude Mar contract is at 48 levels, which shows that Crude prices are likely to fall further.
The short term range for MCX Crude Mar contract is seen at 4200-4700. The commodity tip for Positional traders is they can sell MCX Crude Mar contract near 4500 keeping a stop loss of 4540 and can wait for the targets of 4440-4375.
The commodity future prices for crurde are likely to fall further and could touch 4300-4250 levels within next few trading days.
The commodity support levels for Crude is seen at 4375 and below it; prices can test 4325 while the resistance levels are seen at 4475 and 4525 respectively. 14 days RSI for MCX Crude Mar contract is at 48 levels, which shows that Crude prices are likely to fall further.
The short term range for MCX Crude Mar contract is seen at 4200-4700. The commodity tip for Positional traders is they can sell MCX Crude Mar contract near 4500 keeping a stop loss of 4540 and can wait for the targets of 4440-4375.
