MCX CRUDE OIL CLOSED AT RS 6040 PER BARREL, UP MARGINALLY. THE FORMATION OF LOWER HIGHS IS MAKING THE MARKETS PRONE FOR AFTERSHOCKS. IT IS IMPORTANT TO UNDERSTAND THAT THE CRUDE IS STILL ABOVE ITS 61.8% FIBONACCI RETRACEMENT LEVEL SET AT RS 5988 PER BARREL. ON THE HIGHER SIDE, RS 6090 LEVELS WILL BE ACTIVE BARRIER FOR THE COMMODITY. EVEN IF CRUDE MANAGES TO BREAK RS 6090, THE PROBABILITY OF IT GOING BEYOND RS 6150 LEVELS IS LOW. HOWEVER, IF RS 5988 AND 5960 PER BARREL, WHICH ARE ACTIVE SUPPORTS FOR CRUDE IS TAKEN OUT OF THE EQUATION THE FALL CAN EXTEND TO RS 5870 PER BARREL. THEREFORE RISKS AND REWARDS CAN FAVOR SHORT POSITION HOLDER PROVIDED THE SHORTING IS DONE CLOSE TO THE RESISTANCE LEVEL, WITH STOPS SET SOMEWHERE NEAR RS 6180 PER BARREL.
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