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Published on 18/12/2018 9:40:25 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. Previously few sessions ended up in bearish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below the key support holding at 3550. The negative rally could be testing all the way up to 3500-3400 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish. Such reversal could possibly test up to 3700-3800 levels. Key resistance holds at 3800.

 

Technical Chart:

 

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