DAILY COMMODITY MARKET STRATEGY-21 Apr 2015

The MCX May Crude Oil futures are facing hurdle around the higher-end of the Bollinger Band for the past many trading sessions.

On Monday, Crude Oil futures prices rebounded into the positive zone and touched a resistance at the higher-end of the Bollinger Band at Rs 3,719, before signing off the ay with a gain of nearly 2 per cent (Rs 62) at Rs 3,671, on account of renewed buying.

Crude Oil prices are below the higher-end of the Bollinger Band (Rs 3,720). Hence, the energy futures need to clear and sustain above Rs 3,720-odd level to log fresh gains.

MCX Crude Oil May contract today may seek support around Rs 3,725-3,745-3,760, while face resistance around Rs 3,615-3,600-3,580.

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