Wednesday, 7 October 2015

Today's Special Report on MCX Crude Oil by MarketMagnify

MCX Oct Crude oil; after a steep selloff from 4270 to 2650 levels, Oil prices have started inching higher from the lower levels in a V shape corrective mode. In this process its has developed a trend continuation chart pattern called as a “descending triangle” on daily charts and the neck-line breakout of the same took place at 3090 levels, that will act as a key support for the near future. Now for short term, bias remains positive and further rally is possible towards 3480 levels, which is an equality target of the chart pattern and on a convincing close above the same will extend the gains towards 61.8% Fibonacci level of 3647 levels.


On the other hand, strong positive close in last two daily trading sessions coupled with huge volume participation and a strong bull candle on weekly charts has increased the potentiality of an uptrend in coming sessions. However, any sharp fall below 2930 levels will negate the pattern and drag the prices further down.

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