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Crude Oil Futures
Short

#CRUDEOIL | Update MCX | 23rd Feb

By Shalvisharma5


Timeframe: 1 Hour

📉 Crude oil poised for reversal post-resistance at 6542, with potential retest and move towards the next resistance at 6583.

🔹WTI crude prices stable around 78/barrel for the week.
🔹Initial 2% dip attributed to interest rate and demand worries.
🔹Strong US inflation data suggested higher borrowing costs.
🔹Market recovered as geopolitical tensions and lower US crude inventories resurfaced.
🔹Global shift to renewable energy remains a factor in oil demand.
Chart PatternsHarmonic PatternsTrend Analysis
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