MCX Crude taken short term support at 3119 and bounced back on the hourly charts. Potential medium term supports around 2900. Nymex crude futures is also currently trading around the psychological reference 50 USD/Barrel. However on the daily timeframe price rejection around 200 MA 3316 and started pulling back down and the daily sentiment holds down.
As there are mixed emotions prevailing in the shorter timeframes. Price might take its own time to settle down before taking a directional opinion. Until then price is expected to swing in a range between 3160-3240.