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Technical Analysis
Crude Oil Technical Report
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27-Nov-13 03:34PM
Crude traded with mixed bias this week. Commodity is now hovering near 61.80 Fibonacci correction level and 50 week SMA line that is providing strong support to prices. 10 weeks SMA has given a bearish cross under 20 weeks SMA but metal has been moving in a strong uptrend that may result in a false signal. MACD has given a bearish cross but still holding well above zero line producing neutral signal. Stochastic is hovering in oversold territory and trying to exit from oversold territory and may bring some sharp moves in this commodity. Immediate support is now seen near 5810 and any sustained move below that level would bring a retest to 5750 and then 5680 zones. Any sustained move below 5750 may bring 5635 but key support would be 5600 and stability above that level would keep overall trend in place. Resistance is now seen near 5970 and then at 6110 any sustained move above 6110 would bring more charm in this commodity and the relief rally may extend towards 6300 zones in coming days.
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