Crude Oil
Bias: Positive
Last close: Rs 9,403
Support: Rs 9,010
Resistance: Rs 9,700
After testing the higher-end of the Bollinger Band, the MCX Crude Oil futures once again seem headed towards the 20-DMA (Daily Moving Average). Crude Oil prices have been treading northwards in the particular band since early May. The current band indicates a price range of Rs 9,010 to Rs 9,700.
The MCX Crude Oil June futures could test the support at Rs 9,010 as prices correct. The probability of this happening seems higher as select key momentum oscillators are showing signs of tiredness, with MACD (Moving Average Convergence-Divergence) turning negative.
Accordingly to the