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Published on 10/12/2018 9:31:01 AM | Source: Enrich Commodities India Pvt Ltd

Crude Oil futures technical chart has taken the formation of `Ascending broadening wedge` pattern - Enrich Commodities

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CRUDEOIL

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session ended up bullish in trend after retesting the channel’s support slope line. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance holding at 3870. The positive rally could be testing all the way up to 3900-4000 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3800-3700 levels. Key support holds at 3700.

 

Technical Chart:

 

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