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Published on 12/10/2018 10:29:04 AM | Source: Enrich Commodities India Pvt Ltd

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

CRUDEOIL

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up bearish in trend near an interim trend line inside the channel, and gave a close near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5300-5400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5200 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5120 levels. Key resistance holds at 5400.

 

Technical Chart:


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