The Supertrend indicator remains in sell mode, while prices are hovering around the short-term moving average zone, suggesting the absence of a strong directional trend.
Even a successful reopening may not bring oil prices down sharply, as the scale of disruption and the time required for markets to rebalance will keep oil elevated in the range of $80-95 range.
Reports of a possible US-Iran framework involving a ceasefire extension and steps to reopen Hormuz triggered a sharp 7 per cent single-session drop earlier this week
MCX Crude Oil on the daily chart is consolidating within a symmetrical triangle pattern, indicating a phase of compression after the recent volatile swings
