In the last outlook we seen MCX Crudeoil – balancing behavior on the weekly and daily timeframe. Since then we had spent more time withing the balance. And now the is a significant change from the sentimental point of view as both daily and weekly sentiment turning down which brings us bias towards the breakdown from the bottom of the balance – 3500 zone.
Weekly charts are consolidating in a ultra tight balance 3500-3700 zone for the last 12 weeks. Breaking this range could bring more momentum on the downside. Medium term supports around 3384 and 3097