MCX Crude tested the bottom 11th Feb 2016 Rs1805/Barrel since then it is in tremendous uptrend and currently trading around Oct 2015 high where crude is expected to consolidate with minor sell-off. One cannot expect any immediate uptrend in the coming days. Sell off in global commodities like Gold and Silver will weigh on other commodities as well.
If the MCX Crude price sustains below 3333 levels indicates a potential short term weakness and only price breaking and closing above 3350 on EOD basis indicates a potential uptrend to continue in the future. Till then it is expected to move in sideways with minor sell off retesting 3260 and 3190 zone. EOD Trading Sentiment is negative at the moment of writing this article.
