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Crude Oil outlook as per Technical chart

MCX Crude oil January contract closed at 3590 down by 95 points. Yesterday mcx Crude witnessed a nice selling pressure in evening session. Yesterday’s candle engulfed trading range of previous 6 candlesticks is indicating panic in this counter. For Intraday crude oil support will be around 3550, if it will sustain below 3550 will result in more weakness in this counter. After this breakout, next supportive level will be 3440-3400 areas. If the failure of 3380 seems less likely. In the upper side, resistance is now seen near 3680-3700 areas, Bulls need to hold above 3720 area to claim their presence and stability above 3720 will bring another attempt to 3780-3850. A breakout above 3850 will lead a move towards 3950-4020 ones.

 

Crude oil trading range for the day is expected among the key support at 3400 and resistance at 3700.

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