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MCX Crude Oil Jan Contract Technical outlook

Nowadays Energy sector is looking attractive on technical chart. MCX Crude oil January contract closed at 3640 changed by 23 points. Today support will be at 3580 and then around 3485, but stability below 3480 will break the bullish structure and then we will see a corrective move in this commodity towards 3400-3300 areas. Resistance is now seen near 3680-3711 areas, any sustained move above these levels will bring 3800-3980 on charts. Stochastic is trading near overbought levels trader should careful while selling this counter because as per the price action it is in bullish mode. 

Trading range for the day is expected among the key support at 3400 and resistance at 3700.

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