MCX Crude oil trend on the intraday mcx chart is bearish to sideways for the whole day. EIA Data is scheduled to be released today at around 9 P.M. and 10:30 P.M. according to the Indian standard time which may further impact the crude oil prices in the evening. U.S. crude oil reserve has been increased by around 70 million barrels due to which the NYMEX crude oil slipped. Appreciation in the Indian Rupee against the US dollar influenced the crude oil traders to short the holding positions in the current trading session. Fundamentally Tracking and following the global commodity market trend crude oil in the domestic market may also fall. If we see technically crude oil is expected to take support at around 5840 below which it may further fall up to 5805-5770. On other hand resistance is seen at 5900 level.
Expert Advice for Crude Oil Intraday Traders: Intraday Traders are advised to take a short position in Crude Oil today at around 5860 for the target of 5830-5800 with stop loss at around 5880. Traders are also suggested to trade with strict support and resistance level.
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