MCX Crude Oil - Outlook and Trading Strategy

MCX Crude Oil Technical Views :
  • The price is expected to show some respite form their seven weeks straight rise, which has pushed the price into overbought status.
  • The rising trend line is the next immediate support and a successive move below the same shall be a sign of major change in the price trend.
  • A move below the Fibonacci levels shall induce further negativity in the price sentiments.
Technical levels :
For MCX Crude Dec contract Support is seen at 4880 and 4660 levels and resistence at 5100 and 5300 levels.

Trading Strategy: Sell in the range of Rs 5000–5050 stoploss above 5250 Target of Rs 4750-4650 CMP 5000.

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This blog is not intended as professional advice. The author disclaims any liability, loss, or risk taken by individuals who directly or indirectly act on the information contained herein. All readers must accept full responsibility for their use of this material.

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