Mcx crude oil December expiry future is trading at 2721 with almost 1% gain. Yesterday we saw almost 3% drop in crude oil future on fresh selling. Hit low near 2670 and on the daily chart made “double bottom pattern”. 2680 was previous swing low and major bottom of the daily chart. This is bullish signal and its result already visible with today's 1% rise.
Mcx crude oil future price trend is down but technically look like hit bottom and ready for the rally. On the upside, 2830 and 2910 are major averages resistance zones.
Traders here follow the buy and accumulate around 2660-2680 zone strategy with stop loss for target 2830 and 2910 in short to medium terms.
Below 2660 next support zone will be 2570.