Crude oil: bouncing from support

As can be seen from the chart, after a sharp fall, MCX crude oil was trading near the 78.6% retracement mark. It made multiple attempts to break the 4,600 mark. However, the bulls provided a strong support to the oil. The daily momentum indicator assisted the bulls in their task.Consequently, the oil has started moving up from there. On the upside, the commodity can test its swing high of 4,999. The 20-daily moving average (4,735) will act as a key support, whereas the daily upper Bollinger Band (4,945) will pose as a key resistance.

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