Wed, Nov 07, 2012 at 16:14
Sharekhan has come out with its report on Crude oil. According to the research firm, on the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.
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Crude may test high of Rs 4,999: Sharekhan
Sharekhan has come out with its report on Crude oil. According to the research firm, on the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.
Like this story, share it with millions of investors on M3
Crude may test high of Rs 4,999: Sharekhan
Sharekhan has come out with its report on Crude oil. According to the research firm, on the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.
Sharekhan has come out with its report on Crude oil. According to the research firm, on the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.
As can be seen from the chart, after a sharp fall, MCX crude oil was trading near the 78.6% retracement mark. It made multiple attempts to break the 4,600 mark. However, the bulls provided a strong support to the oil. The daily momentum indicator assisted the bulls in their task. Consequently, the oil has started moving up from there. On the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.
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To read the full report click here
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