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.
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