MUMBAI (Commodity Online): MCX March Crude contract opened flat at 3691 vs. previous close of 3688 made an intraday high at 3704 and presently at 6.32 pm Crude at MCX traded at 3681 down by 7 rupees.
14 days RSI for MCX Crude Mar contract is at 57.51 levels and it shows sideways movement.
“Technically, Crude looks overbought and range for MCX Crude is from 3500-3725,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online. Presently Crude prices are trading above 4, 9 and 14 day weighted moving averages which signals uptrend. Crude prices are likely to rise and may test 3770-3800 levels on speculative fund buying.
Support for the Crude is seen at 3660 and below could see a test of 3630. Resistance is now likely to be seen at 3730, a move above could see prices testing 3760.
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