MCX Crude Oil Technical Analysis for 21 October 2026
MCX Crude Oil Futures showed significant selling pressure on the 5-minute chart on 20 October 2026. After an initial upward move, prices reversed and started declining, forming a bearish short-term structure. However, the price recovered after reaching an important support zone.
In this technical analysis, we will examine the key support and resistance zones that traders can monitor during the trading session on 21 October 2026.
Note: This analysis is based on the provided TradingView chart. The levels are technical reference zones, not guaranteed price targets.
1. Crude Oil Market Trend
The chart shows an initial upward movement followed by a sustained decline. During the fall, several small recovery attempts failed to reverse the overall downward movement.
Selling pressure increased as the price moved toward lower support levels. Near the 9,016–9,104 zone, the price started stabilizing and subsequently recovered.
This indicates a possible short-term recovery, but a complete trend reversal is not confirmed yet. Traders should monitor price action and resistance breakouts before drawing conclusions about the next market direction.
2. Important Support Levels
Major Support Zone: 9,016–9,104
This is the most important lower support zone visible on the chart. The price approached this area after a sharp decline and then started recovering.
If the price holds above this zone and forms strong bullish candles, further recovery may be possible. However, if the price breaks below this zone with strong selling pressure, the market could move lower.
Additional Price Area: 9,148–9,190
This is an intermediate area visible during the downward movement. Traders can observe price reactions around this region to identify possible short-term support or resistance.
These levels should be reassessed using current market data before trading.
3. Important Resistance Levels
Resistance Zone 1: 9,335–9,389
This is an important resistance zone after the recent decline. If Crude Oil moves upward, the price may face selling pressure around this area.
A rejection could lead to another downward move, while a strong breakout and sustained closing above the zone could support further recovery.
Resistance Zone 2: 9,548–9,586
This zone represents another important resistance area on the chart. If bullish momentum continues and the previous resistance is broken, traders can monitor this region for a potential price reaction.
Resistance Zone 3: 9,653–9,691
This is the upper resistance zone visible on the chart. It may become relevant if the market experiences a stronger recovery.
The price would need to cross the intermediate resistance zones before reaching this area.
4. Possible Trading Scenarios for 21 October
Bullish Scenario
If the price remains above the 9,016–9,104 support zone and bullish momentum strengthens, Crude Oil may attempt to move toward 9,335–9,389.
A breakout above this zone could open the possibility of testing 9,548–9,586.
Bearish Scenario
If the recovery weakens and selling pressure returns, the price may struggle around the 9,335–9,389 resistance zone.
A fresh decline toward the lower support zone could follow. A decisive breakdown below 9,016–9,104 would indicate that the existing support has weakened.
Sideways Scenario
If the price remains between support and resistance without a clear breakout, the market may consolidate. In such conditions, traders should avoid making decisions without sufficient confirmation.
5. Key Levels Summary
| Level Type | Price Zone |
|---|---|
| Major Support | 9,016–9,104 |
| Intermediate Price Area | 9,148–9,190 |
| Resistance 1 | 9,335–9,389 |
| Resistance 2 | 9,548–9,586 |
| Resistance 3 | 9,653–9,691 |
Conclusion
MCX Crude Oil is showing a bearish short-term structure after a significant decline, although a recovery has started near the lower support zone.
For 21 October 2026, traders can monitor 9,016–9,104 as the major support zone and 9,335–9,389 as the first important resistance zone.
A sustained move above resistance could support further recovery, while renewed selling pressure may bring the lower support zone back into focus.
Always confirm levels using live market conditions, price action, and appropriate risk management.
Disclaimer:
The information and data provided on TradeXo are strictly for educational and informational purposes only.
Please be completely aware that I am NOT a SEBI Registered Financial Advisor. The support and resistance zones, levels, charts, and any other technical analysis shared on this blog are based on personal study and mathematical calculations.
This blog does NOT provide any financial advice, trading tips, or recommendations to buy or sell any stocks, indices, Commodity or financial instruments. The stock market involves high risk, and trading/investing can lead to financial losses.
Any action you take upon the information on this website is strictly at your own risk. We highly recommend that you consult with a certified, SEBI-registered financial advisor before making any investment or trading decisions. TradeXo and its owner will not be held responsible or liable for any profits or losses incurred from using the information on this blog.
nice
ReplyDelete