DAILY COMMODITY MARKET STRATEGY-6 Apr 2015

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The MCX Crude Oil April futures slipped after two strong sessions on Thursday and slipped below the 50-DMA. The fall in the commodity was owing to significant decline in volume, which stood at 145,395 lots as compared to 208,297 lots.

On Thursday, the energy futures tumbled below the 50-DMA (Rs 3,080) to touch a low of Rs 3,007, before signing off the day - with a loss of over 2.5 per cent (Rs 81) at Rs 3,037.

As per the daily charts, Crude Oil futures are between the 50-DMA (Rs 3,080) and 20-DMA (Rs 3,020). In case, a break and close below the 20-DMA may trigger a fresh sell-off in the Crude Oil prices.

For a pull-back rally, the energy futures need to bounce back and sustain above the 50-DMA (Daily Moving Average).

Among key momentum oscillators - The MACD (Moving Average Convergence-Divergence) and the ADX (Average Directional) Index remain in favour of the bulls. The Stochastic Slow (14), however, is in favour of the bears on the daily charts.

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Commodity Tips Expert: - commodity tips , mcx trading tips , bullion commodity tips

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