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Crude oil bears having upper hand

As can be seen from the adjacent chart, MCX crude oil had formed a pull-back, which retraced 38.2% of the previous fall. From there the oil has started tumbling down. It formed an impulse on the downside and did a minor degree bounce. The bounce subsided near the 61.8% retracement mark. From that the key Fibonacci level the oil has started the next leg down, which is subdividing into lower degree waves. On the way down, crude oil has broken the key daily moving averages. In the last session it has formed a bearish outside bar. Thus, the high of the bearish bar ie 6184 will now act as a key resistance on a closing basis. Overall, the oil can test the recent low of 5933.

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