The MCX Crude price closed low compared to last week, after showing the one month rally price is showing weakness at higher levels. The price is currently unable to hold, and is heading towards the major support of Rs 5000.
The 14-period RSI has been swinging constantly between support and resistance lines. It has once again reversed from the support line, and is currently above the 50 mark and pointing downwards.
The overall bias remains weak for the price in the short term.