📆 #Crudeoil Update - MCX | April 16

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🔸Technical Analysis:
Current Situation: Crude oil is approaching the critical support level at 7100.

🔸Scenarios:
If the support at 7100 is breached, further downward movement is anticipated, with potential for lower levels.
However, there's a possibility that crude oil could find support at this level and reverse its direction, moving upwards.

🔸Market News:
Impact on Oil Prices: Oil prices surged amid concerns over escalating tensions between Israel and Iran.