Crude Oil (Jan 12 - MCX) ST: the RSI is overbought
Our pivot point is at 5153.
Our preference: as long as 5153 is support look for 5881.
Alternative scenario: the downside breakout of 5153 would call for 4925 and 4789.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The price could retrace in the short term. The price is above its 20 and 50 day MA (respectively at 5226.1 and 5124.96). Crude Oil (Jan 12 - MCX) is currently trading near its 52 week high reached at 5464 on 03/01/12.
Supports and resistances:
6020 *
5881 **
5742
5442 last
5242
5153 **
4925 *
Our pivot point is at 5153.
Our preference: as long as 5153 is support look for 5881.
Alternative scenario: the downside breakout of 5153 would call for 4925 and 4789.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The price could retrace in the short term. The price is above its 20 and 50 day MA (respectively at 5226.1 and 5124.96). Crude Oil (Jan 12 - MCX) is currently trading near its 52 week high reached at 5464 on 03/01/12.
Supports and resistances:
6020 *
5881 **
5742
5442 last
5242
5153 **
4925 *
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