CRUDE OIL - MCX
- As per previous report published on CRUDE OIL (CO), it has shown weakness once CO starts trading below 6065 and touched its trend line support around 5933. (Click here to see past report on CRUDE OIL).
- Now daily chart indicates crude oil is facing strong support at current levels around 5933, to favor bulls CO must trades above its trend line support, But if crude oil closes below 5933 and stays below then further weakness is expecting as bears will get active in it.
- Intraday close watch once crude oil starts trading below 5933, if stays below then intraday bears action is expecting
- Suggested reading - MCX COPPER is on the verge of bullish breakout.
- Daily chart also indicates crude oil is now trading below 20 days moving average, as long as trades below it will favor bears.
- If CO closes below 5933 and stays below (as shown in chart no.3). then bears will take crude oil further down and as per technical charts crude oil will find next strong trend line and fibonacci retracement support around 5650. Close Watch.
- Click here to see all the trading reports (trading tips) published by us on MCX CRUDE OIL (as per technical analysis point of view).
- MCX Trading Tips
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