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Technical Analysis
Crude Oil Weekly Outlook
Posted by
11-Nov-13 01:01PM
After a big fall finally crude closed with a positive note after 9 weeks of decline in a row.
It is gained 59 rupees to settle at 5993. Crude is now getting support at 61.8% Fibonacci correction level which is also supported by the top of prior highs. 10 weeks SMA is now crossing under 20 weeks SMA but both SMAs are very far from 50 weeks SMA indicates that longer term strong uptrend is in place in this commodity. MACD is showing a strong bearish momentum but indicator is still above zero line that keeps it in bullish territory. Stochastic producing oversold reading and hinting a recovery that may take place any time. Immediate support is now placed at 5900 and then at 5800 any sustained move below 5800 may extend current decline towards 5700-5650 zones.
Crude Stability above 5800 remains bullish in current scenario and any cross above immediate resistance of 6028 would result in a rally towards 6100 and more upside.
Trading range for the week is expected among the key support at 5700 and resistance at 6200.
Buying crude on declines around 5940-5900 with closing basis stop loss below 5800 for targeting 6100 and more upside might be appropriate in short term.
Positional buyers try to buy on declines around 5750-5650 sl below 5500 for targeting 6170 and more upside.
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