MCX Crude Oil sideways to bearish; support 5770, 5700

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For intra-day, support for the commodity is seen at 5770 while resistance is seen at 5850. If prices break the level of 5770 then prices are expected to move towards 5700. MCX crude oil futures for July delivery was seen trading down by 0.16% at Rs. 5786 per barrel as of 05.06 PM IST on Thursday.

MUMBAI (Commodity Online): The trend in crude oil futures for July delivery on India's Multi Commodity Exchange (MCX) looks sideways to bearish for the day and traders are advised to stay on sell side.

“For intra-day, support for the commodity is seen at 5770 while resistance is seen at 5850. If prices break the level of 5770 then prices are expected to move towards 5700,” said Amrita Mashar, Research Analyst at Commodity Online.

“Traders may take sell position above 5800 with the stop loss of 5850 for the target near 5770 and above that it may touch level of 5700,” she added.

MCX crude oil futures for July delivery was seen trading down by 0.16% at Rs. 5786 per barrel as of 05.06 PM IST on Thursday.

Crude oil prices in the international market recorded a slight up-tick on Thursday on hopes that U.S. Federal reserve may continue with its existing monetary stimulus as U.S. GDP increased at a 1.8% annual rate in the first quarter, less when compared with the previously reported 2.4 percent pace.

U.S. crude inventories rose 18,000 barrels to 394.1 mn, according to the weekly data released by US Energy Information Administration (EIA) on Wednesday.

WTI crude oil on NYMEX for August delivery was seen trading up by 0.28% at $95.77 per barrel as of 05.11 PM IST on Thursday.

NYMEX Brent crude oil for August delivery was seen trading up by 0.44% at $102.10 per barrel as of 05.11 PM IST on Thursday.
 
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