SUNDAY
WEEKLY UPDATE
Mcx Crude oil dropped to 5110 levels from 5640 levels almost
500 rs
drop in last week alone, major reason behind this fall is huge inventory
and calm hurricane season , no major climate change in Atlantic coast is
the
major reason behind this fall. However in mcx prices has taken supports
at 5110
levels and bounced to close at 5293 levels on Friday ,
which shows some sort of
buying has taken place near supports and
short covering , we expect prices to
drop once again to supports.
Sell on rises is the best bet.
Weekly Call :
Sell Mcx Crude oil on rises between 5350 – 5385
with stops
above 5450
for targets 5200 and 5110.
