Mcx crudeoil

7 Eyl

mcx crude oil - Is moving in descending triangle formation from its high of march 22 , making support in zone 5500-5700 zone on monthly closing bases .now has reached near support if holds on monthly closing can see a bounce back towards falling trendline resistance around 6500 levels in coming month . crude oil to remain range bound to negative up till it does not close strongly above 6500 on monthly closing bases .so can trade in range buy near support 5700 and sell close to 6500 up till it does not give strong monthly close above 6500 .