MCX Crude closed at 8,622 (-4.35%) after a decisive breakdown below rising trendline support.
The market rejected the 9,000–10,000 supply region aggressively, signaling:
• weakening demand confidence
• long liquidation
• fading bullish momentum
Key resistance:
8,714 → 9,304
Key supports:
8,500 → 8,300 → 8,060
Below 8,714, structure remains weak and rallies may face selling pressure.
This decline is not just about supply.
Oil is beginning to price:
• softer global growth expectations
• demand uncertainty
• tighter liquidity conditions
Energy markets weaken fastest when demand credibility starts fading.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.