MCX Crude Oil price is moving inside a falling channel. The current upward move appears to be only a bounce, not yet a confirmed uptrend. Traders should wait for two things: either the price comes down for a pullback, or it breaks the upper line of the channel strongly.
The most important level is 6597. If the price breaks and stays above 6597, it indicates a new strong upward trend has started, and traders can long for the following targets: 6955 – 7679 – 8293+.
We will update further information for premium members soon.
Get free MCX ideas, chart setups, and analysis for the upcoming session: Commodity Tips →
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Disclaimer: The information provided on this website, including but not limited to stock, commodity, and forex trading tips, technical analysis, and research reports, is solely for educational and informational purposes. It should not be considered as financial advice or a recommendation to engage in any trading activity. Trading in stocks, commodities, and forex involves substantial risks, and you should carefully consider your financial situation and consult with a professional advisor before making any trading decisions. Moneymunch.com and its authors do not guarantee the accuracy, completeness, or reliability of the information provided, and shall not be held responsible for any losses or damages incurred as a result of using or relying on such information. Trading in the financial markets is subject to market risks, and past performance is not indicative of future results. By accessing and using this website, you acknowledge and agree to the terms of this disclaimer.
