DAILY COMMODITY MARKET STRATEGY-28 Apr 2015
The MCX Crude Oil May futures are moving in a broader range of between the higher-end of the Bollinger Band (Rs 3,870) and 50-DMA (Rs 3,395) on the daily charts for the past many trading sessions.
The energy futures have been trading lower for the second straight and have dropped over 2 percent (Rs 77) to Rs 3,611 from Rs 3,688 owing to weakness in NYMEX Crude Oil market.
MCX Crude Oil May contract today may seek support around Rs 3,575-3,565-3,550 while face resistance around Rs 3,645-3,660-3,670.
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