MCX Crude futures fell as market participants waiting for the conclusion to the eagerly awaited monthly ECB policy meeting at the end of the day.
The corrective early morning rally on crude oil futures contract pause and crude quoted on the Multi Commodity Exchange at a low of Rs. 2870 per barrel. The contract is not gaining traction to break up the psychological resistance at Rs. 3000 decisively.
It's just peeping below this level in the past couple of days and is currently trading near Rs. 2900. The general trend is down. But the price chart suggests the corrective rally can be further extended. A strong break back above resistance at Rs. 3000 in the coming days.
Traders with a short-term and at high risk appetite can go long in this contract.
Meanwhile, in global market the euro was pressurized amid growing expectations that the ECB be embarking on a program of quantitative easing plan at its session later on Thursday in an attempt to prevent the threat of deflation in the euro zone.
On the New York Mercantile Exchange, crude for March delivery was down 53 cents, or 1.11%, to trade at $ 47.25 a barrel.
Moreover, the ICE Futures exchange in London, Brent oil for March delivery was poured out 29 cents, or 0.6%, to trade at $ 48.74 a barrel.
The corrective early morning rally on crude oil futures contract pause and crude quoted on the Multi Commodity Exchange at a low of Rs. 2870 per barrel. The contract is not gaining traction to break up the psychological resistance at Rs. 3000 decisively.
It's just peeping below this level in the past couple of days and is currently trading near Rs. 2900. The general trend is down. But the price chart suggests the corrective rally can be further extended. A strong break back above resistance at Rs. 3000 in the coming days.
Traders with a short-term and at high risk appetite can go long in this contract.
Meanwhile, in global market the euro was pressurized amid growing expectations that the ECB be embarking on a program of quantitative easing plan at its session later on Thursday in an attempt to prevent the threat of deflation in the euro zone.
On the New York Mercantile Exchange, crude for March delivery was down 53 cents, or 1.11%, to trade at $ 47.25 a barrel.
Moreover, the ICE Futures exchange in London, Brent oil for March delivery was poured out 29 cents, or 0.6%, to trade at $ 48.74 a barrel.