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MCX Crude Oil sideways to bearish; support 5770, 5700

Discussion in 'Trading Strategies & Systems' started by harreymartin, Jun 27, 2013.

  1. harreymartin

    harreymartin New Member

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    For intra-day, support for the commodity is seen at 5770 while resistance is seen at 5850. If prices break the level of 5770 then prices are expected to move towards 5700. MCX crude oil futures for July delivery was seen trading down by 0.16% at Rs. 5786 per barrel as of 05.06 PM IST on Thursday.

    MUMBAI (Commodity Online): The trend in crude oil futures for July delivery on India's Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to stay on sell side.

    “For intra-day, support for the commodity is seen at 5770 while resistance is seen at 5850. If prices break the level of 5770 then prices are expected to move towards 5700,” said Amrita Mashar, Research Analyst at Commodity Online.

    “Traders may take sell position above 5800 with the stop loss of 5850 for the target near 5770 and above that it may touch level of 5700,” she added.

    MCX crude oil futures for July delivery was seen trading down by 0.16% at Rs. 5786 per barrel as of 05.06 PM IST on Thursday.

    Read more: http://www.indianotes.com/xchange/blogs/3618/4408
     
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