Ahmedabad (Commodity Online) : MCX Crude open positive after get hammered yesterday on US inventories climbed amid weak demand. The overall movment of crude will depend on the outcome of US jobs data which are going to get released today at 7:00 PM (IST).
On weekly basis mcx crude has already broken an important support point of Rs. 4950 and the next support is looking around Rs. 4540 where prices may halt. And Stochastic is falling from overbought to oversold level therefore there is still room for the prices to move negative.
On daily charts, prices are at oversold phase, therefore in 3-4 sessions prices may bounce back and may come up to Rs. 4950-5000, at this juncture we can sold black gold with stop loss of Rs. 5160 for the target of Rs. 4651-4540.
On intraday basis as well as for shorter term (say 2-3 days), mcx crude is expected to come up to Rs. 4850-4871, from there onwards sellers may become active to bang the prices, & selling may continue for coming sessions.
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