Crude Oil traded near a two-week low in New York and is poised for a weekly decline as worse-than-forecast U.S. economic data and Europe’s outlook stoked speculation that demand for fuel may drop. MCX Crude Oil May is currently trading at Rs. 5526, it is trading up by Rs. 3 for the day. The Crudeoil is in perfect uptrend .Currently Crudeoil is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend. Cautious point is buying at higer levels seems decreasing. The Crudeoil is now trading in overbought level. Long Term trader can hold crude oil for long term.
MCX Crude has a strong resistance at 5620 along with the crucial support at 5470. Currently Crudeoil is in HOLD LONG position Crudeoil is moving sideways so short term investor better to buy only above 5629.0 with stop at 5491.0 The Crudeoil is now trading is approaching overbought level.
