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MCX Crude oil Bearish outlook

Chart shows the price movement of MCX Crude oil continuous contract. The oil recently faced resistance near a falling trend-line that propelled the price down.
MCX Crude oil Bearish outlook

MCX Crude oil Bearish outlook

The adjacent chart shows the price movement of MCX Crude oil continuous contract. The oil recently faced resistance near a falling trendline that propelled the price down. Over there the oil formed a bearish Belt Hold candle. The minor degree bounce over the last couple of sessions is facing resistance near the key daily moving averages. Thus this is a good level for the commodity to start the next leg down. On the downside, 3752 & 3522 will be the targets to watch out for. Reversal for the bearish view can be placed above the swing high i.e. 4052 on closing basis. 

MCX Crude oil Bearish outlook






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