Monday, 25 January 2016

Commodity Market News on Crude Oil

As expected MCX CRUDE OIL prices moved higher and achieved our short term target of 2140 levels. After witnessing breakout from downtrend channel pattern, MCX CRUDE OIL continue its uptrend journey. Support at 2085 levels is held well. Price structure hint at a move towards 2270 levels. Moreover prices are trading above 25 DEMA on hourly chart. 

The momentum indicator RSI has remained above 60 levels on hourly chart which gives positive confirmation to the prices. For now we expect prices to move higher towards 2270 levels in coming trading sessions.

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