MCX CRUDE OIL
- MCX Crude Oil has formed double bottom formation in daily chart, chart indicates once Oil closes and stays above 5885 then will favor bulls.
- Chart also indicates Crude facing 100 DMA resistance , will favor bulls once it closes above, as long as trades below bears will dominate.
- Technical chart indicates recently crude oil coming down from 50% fibonacci retracement resistance zone, once it closes and stays above 5885 then will next resistance around 5980 its 61.8% fibonacci retracement (golden ratio).
- Trading tips.