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MTECHTIP1

MTECHTIP1

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Published by MtechTips
MTECHTIPS;-MCX Crude Oil positive, clear trend yet to emerge

Crude Oil futures for March delivery on India's Multi Commodity Exchange (MCX) is positive and break out of either side of 5040-5120 would provide clear picture for the commodity in futures. This is according to , Research Analyst at Commodity Online.“Crucial support is there at 5040 while 5120 is the resistance. The commodity is expected to trade aforesaid range for the day,” he added . MCX crude oil futures for March delivery was up by 0.39 percent at Rs.5094 per barrel as of 05.47 PM IST on Monday.“Intra-day traders are advised to take a long position around 5070 with stop loss of 5040 and can wait for the target near 5110,” he noted.“If crude prices sustain below 5040 then it may move further down and touch 4980 in coming session. If prices close above 5120 then it may move further up for coming session and touch 5200 levels in coming sessions,” he said.Earlier, crude oil futures opened on a negative note in the domestic front amid Indian rupee appreciation against US dollar.
WWW.MTECHTIPS.COM
07489294118/119
MTECHTIPS;-MCX Crude Oil positive, clear trend yet to emerge

Crude Oil futures for March delivery on India's Multi Commodity Exchange (MCX) is positive and break out of either side of 5040-5120 would provide clear picture for the commodity in futures. This is according to , Research Analyst at Commodity Online.“Crucial support is there at 5040 while 5120 is the resistance. The commodity is expected to trade aforesaid range for the day,” he added . MCX crude oil futures for March delivery was up by 0.39 percent at Rs.5094 per barrel as of 05.47 PM IST on Monday.“Intra-day traders are advised to take a long position around 5070 with stop loss of 5040 and can wait for the target near 5110,” he noted.“If crude prices sustain below 5040 then it may move further down and touch 4980 in coming session. If prices close above 5120 then it may move further up for coming session and touch 5200 levels in coming sessions,” he said.Earlier, crude oil futures opened on a negative note in the domestic front amid Indian rupee appreciation against US dollar.
WWW.MTECHTIPS.COM
07489294118/119

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Categories:Types, Research
Published by: MtechTips on Feb 25, 2013
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02/25/2013

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