Crude

Crude Oil - Fall to continue?

Crude Oil Daily
The above chart shows the daily timeframe Crude Oil price. The price has been trading lower and is in a strong downtrend. The last week saw the price rally from $44.2 to $51 levels. The price has now corrected back to $47 levels. The price saw a strong resistance at the 20 day moving average and this is a sign of weakness. The range of $49.7 to $51 is a very strong resistance for crude oil. Below $45.9, we could see the price dip till $40 levels in the coming sessions. Look for shorts on a bounce near $49 levels (3000-3020 levels in MCX). Traders can trade as per their risk capacity and above mentioned levels.

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