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Sell Essar Oil Fut; target of Rs 120-117: ABMoney
According to Aditya Birla Money, traders can sell Essar Oil Future below Rs 124.60 with a closing stop of Rs 128 for a possible target of Rs 120-117, in its July 15, 2011 research report.
According to Aditya Birla Money, traders can sell Essar Oil Future below Rs 124.60 with a closing stop of Rs 128 for a possible target of Rs 120-117, in its July 15, 2011 research report.
"Essar Oil, prices tested the resistance formed by the falling trend line and the Fibonacci retracement levels however turned weak and closed below the short-term support of 13-day EMA in the last four sessions. The 14-day RSI is turning down from the higher end of its bearish zone after forming a negative reversal with the prices while the Stochastic (14/3/3) has made a bearish crossover and is turning down from the overbought territory. This could keep the prices on a sideways to weak note towards the supports near Rs 120 and then even Rs 117 levels in the forthcoming sessions. On the upside, Rs 125/128 zone formed by the short and long term moving averages acts as strong resistance. Only a decisive up move above Rs 130 could negate the expected scenario and turn the sentiments positive. Sell Essar Oil futures below Rs 124.60 with a closing stop of Rs 128 for a possible target of Rs 120/117," says Aditya Birla Money research report.
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