Tuesday, February 5, 2013
MCX Crude Updates:
MCX crude oil has recently done a sharp pullback rally. It has retraced nearly 78.6% of the previous fall. In terms of the wave structure, the oil has formed a five-wave rise in its recent rally and has done a multi-week distribution near the key Fibonacci level. The daily momentum indicator was showing a negative divergence near the overbought zone and has given a Sell signal from there. Weekly report also suggest that Crude Oil concluded the week at $97.8/bbl after hitting a weekly high of $98.24/bbl. This was happen due to the news of major economic recovery as the traders are hoping that this will resulted with higher oil demand in recent future. Also geopolitical tensions in the Middle East along with Algeria and Syria are pushing prices higher.
MCX Crude Oil Trend:
MCX Crude Oil is looking weak at the moment for today. Prices have to inflict a break of 5195 region to attract serious buyers targeting 5225/5255 levels. In ability to do so could witness continuation of the selling pressure towards 5145/5120 followed by 5085.
Crude Oil Tips Today:
Sell is suggested in Crude oil on Higher level to get 5120 level in Today's session. For more Sure Shot Tips Please Fill Trial Form.