Mcx crude oil might test 2940 and 2745 levels on downside

Mcx crude oil intraday report for 8th November 2016 Mcx crude oil intraday report for 8th November 2016 Mcx crude oil future last closed at 2966 with gain. As expected crude oil bounced back but not sustained above 3000 level suggesting supply still present in market. Below 3020, mcx crude oil intraday outlook remain bearish and traders can expect short side targets of 2940 and then 2850. Below 2940, swing traders expect deep downside up to 2745. On upside 3020 and 3075 are strong resistance zones.

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Pramod Baviskar

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