Inverse Cup&Handle on Crude Hints Decline

An inverse cup and handle pattern is clearly visible on hourly chart of Crude oil MCX. Commodity is now attempting to breach key support zones of 5980-5960 that would result in resumption to proceeding down trend. Commodity couldn’t sustain above 6060 zones and witnessing a nice selloff during today’s session. Resistance for current move is now placed at 6060 any sustained move along with closing would neglect our bearish expectations and then we may see attempt towards 6140 and more upside. Stability below 6060 remains bearish and closing below 5960 would result in a decline towards 5650-5500 and more down side in coming days.

Recommendation: selling crude on jumps around 6010-6030 with stop loss above 6060 on closing basis for targeting 5800-5650-5500 and more down side might be appropriate in short term.

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