mcx crude oil intraday chart analysis-bearish engulfing pattern sellsignal

mcx crude oil intraday chart analysis for 22 dec 2014

Mcx crude oil January expiry future currently is trading at 3644 with gains of 27 rupees. Crude comes off significantly from high. Crude had made intraday high around 3730 while low was at 3637 and trading near it. On intraday chart, we can see that crude had given sell signal around 3670, which has stop loss at 3750, and target possibly at 3600 and then 3550. On daily chart, crude showing signs of consolidation around 3500 to 3800 range.

This candlestick pattern will remain valid until crude oil future not penetrates today’s high of 3730. Therefore, traders can go short near 3670 to 3700 with stop loss above 3750 for target 3600 to 3550. Crude oil fundamentals are also not so great so expect supply from market on every rise.

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Pramod Baviskar

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