Way2Wealth has come out with its special report on MCX June Crude oil. According to the research firm one can sell the contract below Rs 5960 for the target price of Rs 5572 with a stop loss of Rs 6113.
MCX June Crude oil; a bearish head & shoulder pattern is under formation on daily continuation charts and the neck-line levels pegged at 5963. On a convincing close below the same with a considerable volume will intact bearish trend for near future. According to chart pattern the length between the head to neck-line would be the downside target i.e. 5572 levels. However, upside resistance seems to be at 6109 levels, any close above the same will negate the pattern and intact bull trend. RSI (14 days) & MACD both are fallen into negative territory by supporting the view and significant volume participation on daily chart is another of the supportive factors for the bearish momentum.
Strategy: MCX June Crude oil:
Sell 1lot below 5960 for the target of 5572 with a stop loss 6113
Risk/return ratio: 1: 2.5
Risk: 15300 (on 1 lot)
Return: 38800(on 1 lot)
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To read the full report click here
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