MCX Crude oil prices have respected the falling
trend-line resistance of the triangular pattern and ended in a negative
zone. Also we can observe, it has formed a trend reversal candle stick
pattern called as "closed marubozu" on weekly charts which is another
strong supporting evidence for a bearish momentum in coming sessions and
downside targets would be around 5030 followed be 4955 levels.
However, any pull back will be restricted at 5180 levels and bring some selling pressure from the same. RSI-14 period & Momentum indicator both are placed in negative territory supporting the view.
Action - Sell
Entry - 5170-5180
Target - 5030/4955
Stop - 5277
However, any pull back will be restricted at 5180 levels and bring some selling pressure from the same. RSI-14 period & Momentum indicator both are placed in negative territory supporting the view.
Action - Sell
Entry - 5170-5180
Target - 5030/4955
Stop - 5277
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