Technical Comment For The Day: Crude Oil 26-Feb-2014

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Crude oil update neal bhaiWith 10 day EMA taken out of the equation last night, Crude Oil has come in profit booking region for short term. The March futures on MCX ended at Rs 6304 per barrel, down 1.5%. Even after moments of recovery this week, Crude has come under the grip of speculators who now want to square off their long positions in order to gain from the contract. The 20 day EMA for Crude is at Rs 6255 per barrel, which it is expected to reach in a day or two. If selling pressure continues this week, prices can even come close to Rs 6120 per barrel levels. On higher side, Rs 6420 per barrel levels look formidable at this juncture. Caution was already advised as the selling had become overdue in the contract, and now it looks that the button has been pressed that can take the prices near to the supports.