MCX Crude Oil : Correction is Expected!!!
Global crude oil prices have risen more than 14 percent in the past 30 days as traders see a continued rise in demand and supply fails to keep up. The 400,000 barrel per day output hike recently decided by Oil and Petroleum Exporting Countries is not expected to meaningfully bridge the gap between demand and supply.
TECHNICAL ANALYSIS
Crude oil has touched resistance recently and today it mace bearish harami candle on the peak near to its resistance which triggers downfall in crude oil.
CONCLUSION
Short crude oil with a stop loss of yesterday’s high. Very soon correction of 500 points can be seen from current levels.
TECHNICAL ANALYSIS
Crude oil has touched resistance recently and today it mace bearish harami candle on the peak near to its resistance which triggers downfall in crude oil.
CONCLUSION
Short crude oil with a stop loss of yesterday’s high. Very soon correction of 500 points can be seen from current levels.
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