Tuesday, 22 December 2015

Commodity Market Energy News For Today

MCX Crude oil. It suggests that prices are trading in steep downtrend channel. However, It is expected to take support near 2270 levels with potentially rebound on the upside till 2540 -2580 levels. Momentum indicator RSI is expected to turn back on the upside. Hence, trend is likely to change on the upside.

MCX Natural gas. It suggests that prices have made a short term bottom near 115 levels. Friday’s Doji candle followed by today’s strong upside candle with positive divergence on RSI suggests pending recovery in the near term. Prices are expected to recover at least till 127.60 and 130 levels. On downside, 115 would be immediate support levels.

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