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MCX crude oil has formed a double bottom pattern on the one-hour chart

As one can see from the adjacent chart, MCX crude oil has formed a double bottom pattern on the one-hour chart. The positive diversion on Relative Strength Index and Moving Average Convergence Divergence indicates bullishness on the commodity. The other technical observations are positive crossover on the key moving averages and Parabolic Stop and Reverse valued Rs3,619 is below current market price indicates firmness on the counter. One can buy on current level or on dips till Rs3,620-Rs3,580 for upside target of Rs.3,700-Rs.3,775. Trade below Rs.3,470 will negate a bullish view.
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