MCX CRUDEOIL: MCX Crude oil opened gap down on Friday, yesterday it closed at 4085. Today Crude oil on the MCX opened at 4058 level today’s open & high was almost same and given sign that bears stepped in today it almost made a high of 4059 and then given fell down to 3996 level more than 2% negative than yesterday’s closing level. Oil prices cut down on Friday, considered down by protracted uncertainty about how near the United States and China were to a trade deal and on growing U.S. crude inventories. Almost 1 and half year of trade war amongst the world's two major economies has decelerated economic growth around the globe and encouraged analysts to lower predictions for oil demand, raising worries that a oversupply could develop in 2020. Oil prices have also been in stress since OPEC Secretary-General Mohammad Barkindo said this week that he was more optimistic about the outlook for 2020, seeming to moderate any essential to cut production more intensely. The deal between the OPEC and associates, such as Russia, will bind supplies until March next year.
: On hourly charts, Black Gold is trading close to 4000 psychological level. It is currently trading below 20 DMA & 50 DMA level. ADX is around 19.77 level & RSI is around 37.85 level which signs of no divergence. As far as near term levels are concern next resistance can be seen near 4174 level on the upper side and 3946 can be seen as next hurdle on the lower side which can act as near term support level.