March 18, 2011

MCX Crude Report For 18 March

The crude oil Mar contract at MCX is closed on Wednesday at 4444 rupees per barrel, Showing a fall by 21 rupees against previous close of 4565 on the back of profit booking. Commodity contract for crude oil is opened down at 4435 made the same level at an intraday low and last traded at 4523 up by 79 rupees. The said commodity crude oil contract made an intraday high of 4546.

In commodities international markets, Crude prices last traded near 100 $ per barrel. MCX Crude future prices are likely to fall and could touch 4400-4300 levels within next few trading days.

The commodity Support for Crude is seen at 4475 and below it; prices can test 4425 while the resistance levels are seen at 4575 and 4625 respectively. 14 days RSI for MCX Crude Mar contract is at 55 levels, which shows that Crude prices are sideways.

Short term range for MCX Crude Mar contract is seen at 4200-4700. The positional traders  at MCX can sell MCX Crude Mar contract near 4550 keeping a stop loss of 4590 and can wait for the targets of 4450-4375.

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