AHMEDABAD (Commodity Online): Crude Oil Apr moved up by 0.35% in MCX. Crude Oil opened at 3760 and made a low of 3754 and days high of 3805.Total volume for the day is 48358 lots and open interest is around 14559. Support for Crude Oil is at 3710. Resistance level is at 3870.
“Technically, one can short Crude Oil at 3800 with a stop loss of 3840 for target of 3730,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Crude oil futures gave up earlier gains as the dollar pared losses versus the euro, curbing the appeal of commodities for hedging against inflation. Hedge fund managers and other speculators increased their positions last week, regulators’ data show. Still, U.S. crude inventories remain 7 percent above their seasonal norm, according to the Energy Department.
Crude Oil prices are continually decreased from 3864 to 3750 in 5 days. 14 days RSI for Crude Oil is at 54 and it is decreasing continuously since last 4 days due to selling pressure.
“Fundamentally, Crude Oil is very strong. One can enter into a long position at 3650 levels for long term,” said Shah.
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