MCX Crude Oil may go down to Rs 4600: Sharekhan

[mohamedrafeekj]

MCX crude oil was trading near the 78.6% retracement mark. It made multiple attempts to break 4,600. However, the bulls provided a strong support to the oil. Consequently, the oil bounced towards the upper end of the range as well as near the 20-weekly moving average and the 40- weekly exponential moving average. The pressure is building up as the price is approaching the resistance zone. The daily momentum indicator has given a sell signal. Thus, the oil looks set to fall towards the lower end of the range, ie 4,600. The reversal can be pegged at 4,941.

[ashishtrifid]

crude mar. : Sideways
resistance2 : 5050
resistance1 : 5020
support1 : 4940
support2 : 4900