Mtechtips CRUDEOIL MCX intraday trading analysis 08-10-2012

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Mtechtips CRUDEOIL MCX  intraday trading analysis 08-10-2012

Mcx crude oil 19 oct 2012 expiry future on last trading session closed at 4679 with gains.in last week as given crude oil achieved target of 4680 after slipping below 4980. on daily chart trading below all short term level means very bearish trend.mcx crude oil weekly average now at 4730 above that 4950 is monthly and 5050 is 3 monthly level .both are in bearish momentum. stronger rupee, fundamental data from us and china growth aspects will remain key issues for crude oil prices in upcoming weeks. from daily chart analysis we think that crude above 4600 may give technical bounce back upto 4900-4950.