MCX Crude Oil - Outlook and Trading Strategy

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MCX Crude Oil Technical Views :
  • The price is expected to show some respite form their seven weeks straight rise, which has pushed the price into overbought status.
  • The rising trend line is the next immediate support and a successive move below the same shall be a sign of major change in the price trend.
  • A move below the Fibonacci levels shall induce further negativity in the price sentiments.
Technical levels :
For MCX Crude Dec contract Support is seen at 4880 and 4660 levels and resistence at 5100 and 5300 levels.

Trading Strategy: Sell in the range of Rs 5000–5050 stoploss above 5250 Target of Rs 4750-4650 CMP 5000.

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