MCX Crude Oil Short Term Bearish

We maintain our bearish view in MCX Crude Oil, as prices have been trading in a downtrend since last three months forming lower tops and lower bottoms, recently it had given breakout of Resistance trend line –R around 3245, but prices could not sustain those levels and started falling back towards trend line and may kiss trend line towards 3000 levels. We expect crude oil prices to continue down side moment, eyeing target of Rs.3012.

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