Wednesday, 2 April 2014

Crude Technical Comment For 3rd April

The descending triangle pattern for Crude Oil is about to be breached in intraday charts. This is a bearish pattern and is expected to take the prices of Crude oil significantly lower near to Rs 5850 per barrel. If the trendline support of Rs 5960 is taken out of the equation, one can expect a selling wave in the Crude oil contract. The prices of MCX Crude Oil for April expiry settled at Rs 5964 per barrel. The prices managed to decline marginally by Rs 26 on Wednesday. The 25 day moving average is set at Rs 6109 per barrel. Rise of open interest indicates with decline indicate rise in short positions.

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1 comment:

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