CO:MCX Crude stays optimistic on supportive buying
AHMEDABAD (Commodity Online): Crude succeeded in rising for the six day, as investor’s regained confidence to purchase the commodity once again after the extensive decline in last month.
MCX Crude October delivery contract rose by 0.24 percent to 4199 rupees per BBL. Support for contract seen at 4150 and resistance stays at 4230 rupees.
Fresh buying by speculators in succession with a firming global trend mainly led to a rise in Crude Futures prices.
Crude oil price may test 4285 before commencement of US crude inventory data. Crude Oil may fall till 4080 on profit booking in coming days. Else overall trend seems to be due to buying pressure at every lower level, informed Amrita Mashar, analyst with Commodity Online.
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