AHMEDABAD (Commodity Online): Crude Oil May moved down by 1% in MCX due to Dollar strength.
Crude Oil opened at 3731 and made a low of 3690 and days high of 3743.Total volume for the day is 59775 lots and open interest is around 14943. Support for Crude Oil is at 3670. Resistance level is at 3770.
“Technically, one can short Crude Oil at 3750 with a stop loss of 3780 for target of 3705,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
Crude oil futures moved down 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.
Crude Oil prices are continually decreased from 3769 to 3690 in 3 days. 14 days RSI for Crude Oil is at 48and it is decreasing continuously since last 3 days due to selling pressure.
“Fundamentally, Crude Oil is very weak. One can enter into a short position at 3800 levels for long term,” said Shah.
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