The crude price pattern for support in trading remains at 4424/4419 and the crude oil resistance at 4446/4454 level. Crude oil fell on Monday, extending WTI's record discount to Brent to almost $20 and due this crude oil price fall a slowdown in the United States and in other industrialized economies is seen.
Crude oil prices showed a tumbling in its trading session of four weeks at MCX and NYMEX. The reports from Saudi Arabia is released that it will raise crude oil production to 10mn barrels a day next month, and on concern the global economic recovery is slowing. Crude Oil declined 2.6%. the reports from Nymex index for crude oil is of fall of about 2.1% to below US$100 a barrel. The Crude Oil RSI Indicators Continuously showing neutral tendencies with RSI for crude in the neutral zone and MACD above the zero line indicating bullishness.
MCX Crude (June)
Sell rallies to 4,478/4,484,
TGT 4,356
SL 4,562
Crude oil prices showed a tumbling in its trading session of four weeks at MCX and NYMEX. The reports from Saudi Arabia is released that it will raise crude oil production to 10mn barrels a day next month, and on concern the global economic recovery is slowing. Crude Oil declined 2.6%. the reports from Nymex index for crude oil is of fall of about 2.1% to below US$100 a barrel. The Crude Oil RSI Indicators Continuously showing neutral tendencies with RSI for crude in the neutral zone and MACD above the zero line indicating bullishness.
MCX Crude (June)
Sell rallies to 4,478/4,484,
TGT 4,356
SL 4,562