AHMEDABAD (Commodity Online): MCX Crude oil futures dipped from a one month high that is dipped after testing 4299 level and finally settled at 4256 down by -0.56% on comments from German officials suggesting that a scheduled euro-zone meeting on the region’s debt crisis won’t likely result in a speedy resolution. On Monday, German Chancellor dashed market hopes for an imminent solution to Europe’s two-year old debt crisis, saying Merkel had made it clear that, “dreams are taking hold now with this package, everything will be solved and everything will be over on Monday won’t be fulfilled.” The process for an end to the crisis, “surely extends well into next year,” Seibert said at a news briefing from Berlin.
Now technically MCX Crude is trading in the range as RSI for 14days is currently indicating 57.1, where as 50DMA is at 4070 and crude is trading above the same and getting support at 4214 and below could see a test of 4171 level, And resistance is now likely to be seen at 4299, a move above could see prices testing 4341.
Crude trading range is 4171-4341.
Intraday traders can sell MCX Crude near 4255 with the stop loss of 4300 and can wait for the targets of 4205 and 4180.
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