Now mcx crude is trading around 5040 ($92.90) & as we can see on charts crude is facing a minor resistance around $93 which also represent the 38.2% feb correction level if last descending wave
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MCX Crude Oil on the hourly charts had moved to buy mode after a lenghty sideways movement since 13th Jan 2012. MCX Crude on the hourly chart had taken support near Rs5070-5080 zone and also trading above the ichimoku cloud indicating possible low risk Buy trade on MCX Crude. Supports are near Rs5100/Barrel. One can initiate longs with tight Stop loss below Rs 5100.
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