The price of MCX Crude oil maintained its downward trend today, moving below the significant support line of Rs 8,500 for the second time in a row. Prices are having difficulty maintaining positions that are higher than the short-term moving averages, which is an indication that there is a lack of momentum in the market. The price fluctuations that have been seen show that this lack of momentum is prevalent.

Despite the fact that the market continues to have a pessimistic perspective, it continues to remain below the level of Rs 8,800–Rs 9,000, with the immediate support being emphasized around approximately Rs 8,070. If a loss takes place below this level, it has the potential to launch subsequent declines. On the other hand, if a sustained gain takes place over Rs 9,000, it may signify a big rebound.