During the month of June there had been good upward directional move and at the month of June MCX crude price settled at Rs. 5763. Now expectation for the price movement in the coming month of July, we may analyze with the below given MCX crude price chart
MCX crude oil currently at the starting of the month of July trading around Rs. 5950 around five -year high. On weekly chart price range around rs.6180 - 6190 form a short term resistance for crude oil price, if sustain above that range then ready for life time high. Now its all about a matter of entry into the market so in current situation until price go below the level of Rs. 5515 we are not expecting down trend. Range around Rs. 5650 -5700 may be a better level to have entry for buy trend with stop loss Rs. 5500 to the target above 5950. Going price below Rs. 5515 may give you another down range Rs. 5150 - 5250. Its very much evident in the below given MCX crude oil price daily candle chart that for last two -month price has rose continuously
U.S. NYMEX crude oil price have made a home for moving in between of $90-100 since the last week of the April 2013 and presently at the starting of the month of July price are moving in the upper half of this range. Moving range of price has narrowed from $75 -115 to $90-100 since May 2011, actually price taking a form of symmetrical triangle in up move and still available range for moving price inside of this triangle is $80-104 and currently price are forming triangles fourth wave that will complete around $103 -104. Below given U.S. NYMEX daily candle chart showing that every time price have come more up after having a dip in price.
Expected support and Resistance level (MCX)
Recommendation Based on the charts and explanations our opinion is, selling the crude around 6450 targeting 5700/5440 and stop loss above 6630 might be appropriate.
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MCX crude oil currently at the starting of the month of July trading around Rs. 5950 around five -year high. On weekly chart price range around rs.6180 - 6190 form a short term resistance for crude oil price, if sustain above that range then ready for life time high. Now its all about a matter of entry into the market so in current situation until price go below the level of Rs. 5515 we are not expecting down trend. Range around Rs. 5650 -5700 may be a better level to have entry for buy trend with stop loss Rs. 5500 to the target above 5950. Going price below Rs. 5515 may give you another down range Rs. 5150 - 5250. Its very much evident in the below given MCX crude oil price daily candle chart that for last two -month price has rose continuously
U.S. NYMEX crude oil price have made a home for moving in between of $90-100 since the last week of the April 2013 and presently at the starting of the month of July price are moving in the upper half of this range. Moving range of price has narrowed from $75 -115 to $90-100 since May 2011, actually price taking a form of symmetrical triangle in up move and still available range for moving price inside of this triangle is $80-104 and currently price are forming triangles fourth wave that will complete around $103 -104. Below given U.S. NYMEX daily candle chart showing that every time price have come more up after having a dip in price.
Expected support and Resistance level (MCX)
|
Crude (July 2013)
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S1
|
S2
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R1
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R2
|
|
MCX
|
5647
|
5299
|
6358
|
6630
|
For more commodity research news and update please visit:- http://www.rrfinance.com/
Also find information about stock market, commodity prices, share market, crude prices, mutual fund, Bonds and Debentures, Fixed Income, Non Convertible Debentures, Fixed Deposits, equity market, equity shares, equity brokers, BSE SENSEX, Tax saving Schemes, Gold prices reviews, commodities, Online share trading, Fd Schemes in India, Company fixed deposits and life insurance plans in India. Visit:- http://www.rrfinance.com
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