Crude Oil Futures (MCX) OVERVIEW

 

Crude Oil Futures (MCX 1H chart) with trend, support, resistance, pivot levels, target & stop-loss strategy:

🔹 Current Trend Price has been in a falling wedge pattern, recently bouncing but failing near the 0.618 Fib retracement (₹5,935).

Currently trading around ₹5,705, near lower wedge support.

Short-term trend: Bearish to sideways (momentum weak).

Medium-term trend: Potential reversal if it holds above ₹5,650–₹5,700.

🔹 Key Levels ✅ Resistance Levels

₹5,935 → 0.618 Fib retracement & falling trendline resistance

₹6,055 → 0.5 Fib level

₹6,249 → Major resistance zone

₹6,580 → Previous swing high

✅ Support Levels

₹5,705 → Immediate support (current zone)

₹5,649–₹5,650 → Strong support (previous low)

₹5,546 → Next strong support

✅ Pivot Levels

Daily Pivot: Around ₹5,800

Below pivot → bearish bias

Above pivot → bullish recovery

🔹 Indicators RSI (Stochastic): Oversold region, slight recovery possible

Price Reaction: Testing wedge support, may see short-term bounce

🔹 Trade Plan 🔻 SELL on Rise (Preferred for short-term)

Sell near ₹5,880–₹5,930 (resistance zone)

Target: ₹5,705 → ₹5,650 → ₹5,546

Stop-Loss: Above ₹6,000

✅ BUY for Countertrend Bounce (Risky)

Buy near ₹5,650–₹5,700 support

Target: ₹5,880 → ₹5,935

Stop-Loss: Below ₹5,640

🔹 Which Side Makes Money? Intraday/Short-term: Selling on rallies is safer (trend still weak).

Medium-term: Wait for breakout above ₹5,935–₹6,000 for a bullish reversal toward ₹6,249–₹6,580.

🔹 Summary Trend bias: Bearish → Sell on rise

Key support: ₹5,650

Key resistance: ₹5,935

Safe trade:

Sell near ₹5,880–₹5,935 with SL ₹6,000 & Target ₹5,650

Or wait for breakout above ₹6,000 for buying opportunity