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Crude oil is at key level

As one can see from the adjacent chart, MCX crude oil is following a trend channel on one-hour chart. Currently,the commodity is trading at the lower trend line of the trend channel. On breaking out on either side, it may give a move of Rs80-100. On the down side, the break down level is Rs5,940 and on the upside the break-out level is Rs6,040. The other technical observations are the Relative Strength Index is valued at 42, the Moving Average Convergence Divergence is valued at (7) and the Momentum is valued at (7).

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