Crude......
Agency (IEA) has resulted in formation of topping out pattern in Indian Crude Oil. The prices were galloping earlier in the month due to supply threats from disruption in Suez Canal after crisis in Egypt. The price retreat in Oil internationally will send shock waves in Indian Crude. Crude is expected to move below Rs 6200 in today's trade after it closed at Rs 6283 per barrel on Thursday. Open interest saw a decline towards 42934 contracts an indicator that the long positions were liquidated. RSI is pointing towards further selling in the benchmark contract as it has come down from 84 levels to 65 in a span of five days.
Rise in supplies forecasted by the International Energy
Trading Strategy: SELL CRUDE AT 6300, TP 6200-6170, SL 6320-6330
Source by Commodity Insights
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