The below chart shows the price movement of MCX Crude 1-month continuous contract. After the sharp fall observed in oil till mid-march it was consolidating sideways between the range of 2182 and 1550. In yesterday’s trading session oil breached the previous swing low and ended below the level of 1550 on a closing basis. The momentum indicator on the higher time frame chart is on the bearish zone thus indicating weakness going ahead. The potential target on the downside is placed at 1330 whereas the resistance is placed at 2117 which is the recent swing high.
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