March 26, 2011

MCX Crude Results in Profit Booking On Active Buying

The commodity report for Crude Oil contract for April at MCX is closed on Monday at a price of 4724 rupees per barrel which is a decline of 46 rupees against the MCX previous close of 4670. MCX contract opened flat at 4725 made an intraday high at 4757 and last traded flat at 4724. The said contract made an intraday low of 4697.

Crude prices last traded near 104.82 $ per barrel at the international commodity market. The commodity MCX Crude future prices going to result in fall on profit booking and could touch 4500-4400 levels within next few trading days.

Commodity Crude oil support is seen at 4650 and below it; prices can test 4575 while the resistance levels are seen at 4760 and 4825 respectively at MCX. The 14 days RSI for MCX Crude April contract is at 61 levels at commodity MCX, which shows that Crude prices are sideways.

MCX Crude Apr contracts short term range is seen at 4500-4700. The positional traders at MCX  can sell MCX Crude Apr contract near 4750 keeping a stop loss of 4810 and can wait for the targets of 4650-4600.

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