May 7, 2012

MCX Crude oil Falling off a cliff

Starting today MCX and USDINR updates will be posted in this Blog.

  • 30 Minutes chart shows the swift fall of crude oil.
  • Four hour chart shows price breaking key support levels 
  • 5260 level which was the 50% Fib level was a an important level. Now that this level is taken out this will act as strong resistance. 
  • Golden ratio is the next key level breaking below this level should take Crude oil towards 5100 levels.  Taking support here means a retest of the 5260 levels again.

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