CO:Crude remains positive on global nuclear tensions
Ahmedabad : MCX crude oil remained clueless before the release of the stock pile of US which will gauge the strength of oil demand. Crude is not expected to join southward rally as there is the problems going on Iran's nuclear program, and pressure of western countries on the same issue.
At present the overall support for the MCX crude is at Rs. 5200 (on intra-day basis) and resistance at Rs. 5300, if the tensions between Iran and Europe (as well as US), seems to continue it may force traders to break the resistance level and may form the platform of Rs. 5360 where the prices are looking to take the rest.
Mean while all major averages are looking positive and still moving northwards, the traders are expected to play tough of war in the prices near Rs 5260, says Hardik Jani, commodity analyst with Commodity Online .
