AHMEDABAD (Commodity Online): MCX Crude oil future prices are down by more than 1.5 percent as Euro problem persists and Dollar getting strong against Euro and other major currencies which put pressure on oil prices as it makes crude prices more expensive for buyers.MCX June Crude contract opened at 3455 vs. previous close of 3464 made an intraday high at 3481.
Presently at 4.58 pm the contract traded at 3419 down by 49 rupees.
14 days RSI for MCX Crude May contract is at 48.02 levels which shows downtrend.
“Technically, Crude looks bearish and range for MCX Crude is from 3500-3250,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online. Presently Crude prices are trading below 3, 5 and 8 day weighted moving averages which also signals downtrend.
Support for the Crude is seen at 3385 and below could see a test of 3330. Resistance is now likely to be seen at 33485, a move above could see prices testing 3515.
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