MTECHTIPS MCX CRUDE OIL INTRADAY trading tips 19-09-2016
MTECHTIPS Crude oil is bearish for medium-long term .Currently Crude oil is in strong downtrend and the trend is supported with good volume The open interest is not increasing with trend. Noting point is selling at lower levels seems decreasing. The oscillator is showing SELL signal For short term Crude oil is in HOLD SHORT position. Positionally Immediate support for Crude oil is 2862.Resistance for the Crude oil is 3007-3017-3020-3089-3098-3116
Short term and Intraday Level of CRUDE OIL
Currently Crude oil is in SELL position The Crude oil is in downtrend For short term buy only if close above 2968.0 Selling pressure seems to be deceasing so Short term investor with risk aptitude can enter again if it close above 3012.0 but caution- close Below low5 fresh selling can occur The Crude oil is now trading is approaching oversold level. The oscillator is on BUY Signal and Crude oil is recovering from oversold level
Intraday Trend- Buy is advised above 3037.3 with a stop at 2918.6 Below 2883 go for sell.