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MCX Crude Updates
The customary weakness is likely to find support near 5295 area for a swing higher towards 5330 followed by 5360 region. Break past 5380, could witness prices pushing higher towards 5425/5450. Break below 5270 could see bears taking control towards 5225 territory. Prolonged bearishness could be on cards if splinter below 5180. Crude oil prices rallied more than 2%, after a report showed that manufacturing in the US expanded at a faster pace than expected, signaling steady economic growth in the world’s biggest crude-consuming country.
MCX Crude Oil suggested to have prices reversed after taking support at 5235 levels. MACD is in a buy mode. We expect prices to go up to levels of 5450.
Trading Call: Buy around 5300 levels with a stop loss placed below 5235 levels for targets of 5450 levels.
