Crude is trading around $50.80 & as we can see on charts it is trapped in a range & producing a symmetrical . Generally these patterns appear before a big move & provide a either side breakout in 50-75% length range. pattern are neutral with . Decreasing from last few weeks hint for the same.
On fundamental side, upcoming crude inventory will decide future direction while Greece uncertainty & dollar strength will keep pressure on oil prices.
Based on above studies, we will prefer to go with the breakout of current symmetrical triangle while $58 mark on upside & $43 on downside act as profit booking levels.
MCX -> S2(2810) S1(3020) cmp (3130) R1(3300) R2(3560)
Note - Above is not a buy/sell recommendation.
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