Crude Oil future chart technical analysis
Crude Oil future on last trading closed at 3380 with loss. On daily chart Crude Oil future price trend and momentum both are very bearish. We saw bounce back towards 3985 resistance zone but prices failed to sustain and then sharp selloff given long term major breakdown below 3465 rupee level ad fresh low of 3275 rupees. Below 3465, crude oil now entered long term downtrend and will head for 3055 and then possibly 2550 rupees in month of December. For short sellers 3600 is trailing stoploss and 3055 will be first bearish swing target of downside.
From medium to long term view, mcx crude oil below 3465 remain weak and long term support zones o weekly chats are around 3065 and then 2350 rupees. These levels can be expected in upcoming weeks.
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