Nov 27, 2012, 05.30 PM | Source: Moneycontrol.com
Sharekhan has come out with its report on Crude oil. According to the research firm, oil can fall towards the 20-daily moving average and the 40-daily exponential moving average, ie Rs 4,800-4,770.
, Sharekhan |
Crude oil: Approaching resistances
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 4,600. However, the bulls provided a strong support to the oil. Consequently, the oil bounced towards the upper end of the range and near the 20-weekly moving average and the 40-weekly exponential moving average. The pressure seems to be building up as the price is approaching the resistance zone. Thus, unless the psychological mark of 5,000 is crossed on the closing basis, the oil can fall towards the 20-daily moving average and the 40-daily exponential moving average, ie 4,800-4,770.
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