Now crude is trading around $60 mark & as we can see on charts, crude trying to retest the broken trade line of . The bounce was supported by as well as pattern is not very ideal for recovery. On count , crude probably trading under 1st downside wave with probably V wave down now. However the count is not very ideal still there is no other probability available this time.
On fundamental side, although we witness a good withdrawal last week, total inventories still roaming around all time high while strong dollar likely to continue.
Based on above technical picture , crude probably move downward once again. Level $55.70 & then $51.50 will be on radar.
MCX -> S2(3610) S1(3724) cmp (3832) R1(3910) R2(3980)
Note - Above is not a buy/ sell recommendation.
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