MCX CRUDE OIL TECHNICAL OUTLOOK
TECHNICAL OVERVIEW:
Looking at the weekly chart of crude oil the counter has given Rectangle (continuation) Bullish break above resistance of 3930 signals that the previous advance will be resumed. We expect bull trend to follow in MCX crude oil in short to medium term for the target of 4400 in short term and 4600 in the medium term.
CRUDE OIL WEEKLY CHART:
Observations:
• Crude oil has given a breakout on closing basis on the weekly chart after one year and 10 weeks consolidation which is indicating a major move ahead in the next 2-3 months.
• The RSI (14/9) is trading above 60 and has potential to move up further, with supporting average. The breakout should occur with an expansion in volume, especially on upside breakouts.
• MACD holding above the zero line for a long time, indicating a good move ahead.
• Last but not the least; Directional Index too has given rising distance in +DI and -DI, suggesting a start of a new trend ahead.
TRUE INFOTEC: POSITIONAL CALL (2-3 MONTHS): BUY CRUDE OIL MCX DEC 3970-4030 TGTS 4400-4600 SL 3700 ON THE CLOSING BASIS, CMP 4030
• Crude oil has given a breakout on closing basis on the weekly chart after one year and 10 weeks consolidation which is indicating a major move ahead in the next 2-3 months.
• The RSI (14/9) is trading above 60 and has potential to move up further, with supporting average. The breakout should occur with an expansion in volume, especially on upside breakouts.
• MACD holding above the zero line for a long time, indicating a good move ahead.
• Last but not the least; Directional Index too has given rising distance in +DI and -DI, suggesting a start of a new trend ahead.
TRUE INFOTEC: POSITIONAL CALL (2-3 MONTHS): BUY CRUDE OIL MCX DEC 3970-4030 TGTS 4400-4600 SL 3700 ON THE CLOSING BASIS, CMP 4030
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Report By: Pradeep Karnani
Research Analyst Mobile: 09966028055
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FOR PRIVATE CIRCULATION ONLY
DISCLAIMER: Stock & Commodity trading is a high-risk movement. The above recommendations are based on Technical Analysis. Any major fundamental news or market sentiment can make these levels irrelevant or unsuccessful. The targets and time frame for the same mentioned above are indicative and may vary depending upon the market situation. Receivers are urged to exercise their own judgment in trading. Any action you choose to take in the markets is totally your own responsibility. We (TRUE INFOTEC) will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the commodities mentioned herein the writers may or may not be trading in the securities mentioned.
TRUE INFOTEC: 101, VICTORY SATYANARAYANA, OLD BOWNPALLI, HYDERABAD-500011
TEL: 040-40271150, 9966028055 EMAIL info@trueinfotec.in http://www.trueinfotec.in
Report By: Pradeep Karnani
Research Analyst Mobile: 09966028055
----------------------------------------------------------
FOR PRIVATE CIRCULATION ONLY
DISCLAIMER: Stock & Commodity trading is a high-risk movement. The above recommendations are based on Technical Analysis. Any major fundamental news or market sentiment can make these levels irrelevant or unsuccessful. The targets and time frame for the same mentioned above are indicative and may vary depending upon the market situation. Receivers are urged to exercise their own judgment in trading. Any action you choose to take in the markets is totally your own responsibility. We (TRUE INFOTEC) will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the commodities mentioned herein the writers may or may not be trading in the securities mentioned.
TRUE INFOTEC: 101, VICTORY SATYANARAYANA, OLD BOWNPALLI, HYDERABAD-500011
TEL: 040-40271150, 9966028055 EMAIL info@trueinfotec.in http://www.trueinfotec.in
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