CRUDEOIL1! - Pitchfork levelsCrude Oil FuturesMCX:CRUDEOIL1!Murthy_Santhosh CMP: 5180 TF: Multiple On hourly TF, price is getting rejected at the supply zone (5280-5320) and this fall could potentially move a lot lower if it fails to move above/beyond 3530 levels. The immediate supports are the midpoint of the pitchfork line at 5130 and the previous consolidation zone at 5100 On 2 hr TF, price is getting resisted at the 2 std deviation on the upper range Bullishness can be expected only when it closes above this trendline at the top. On 4 Hr TF, it is very evident that the price is getting rejected/resisted at the Pitchfork midpoint. It was acting as a polarity zone (previous support turning resistance and vice versa) As per the set up, 5350-5450 is the resistance, If the price sustains above this level, we can expect 5800+ On the downside, 4850 is the next zone to look for in the coming days. Finally, the USOIL had broken the previous swing lows (Oct and April lows of 55.96 and 55.15 respectively) Whereas, the Crudeoil (INR) hasn't broken the lows yet. One could attribute this to USDINR arbitrage, but if this is a complex correction, we should be expecting those lows to be tested first Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.