Tuesday, 6 January 2015

CRUDE OIL POISED TO FORM SHORT TERM BOTTOM ? NYMEX CRUDE CMP 48$/MCX 3068.WEEKLY CHART ANALYSIS OF MCX CRUDE JAN 6 2015.

CRUDE OIL: EXTREMELY OVERSOLD (RSI 9) IN THE SHORT TERM






















Crude oil prices have fallen by more than 65% from the peak and trading at extremely oversold levels. OPEC seems to be bent on keeping prices below 60/65$ levels where the shale gas producers appear to break even. However, in the short term the fall may have been overdone and a rally to 3300/3500 levels ( a 10-15% rise) cannot be ruled out. In dollar terms crude is trading at 48$ and a snap back rally to 55-58$ is not ruled out.


Mohan Raghav