Navigation
”crude

Crude oil: bouncing from support

As can be seen from the chart, after a sharp fall, MCX crude oil was trading near the 78.6% retracement mark. It made multiple attempts to break the 4,600 mark. However, the bulls provided a strong support to the oil. The daily momentum indicator assisted the bulls in their task.Consequently, the oil has started moving up from there. On the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.

Share

Shubhlaxmi

Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: