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Published on 13/07/2018 10:47:17 AM | Source: Enrich Commodities India Pvt Ltd

The market been able to breaks above a key resistance zone now holding at 4850 - Enrich Commodities

CRUDEOIL

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions indicating strong selling pressure after retesting near the channel’s resistance slope line. As per the technical aspects of the pattern, the market is expected to continue on bearish momentum. The negative rally could be testing all the way through 4700-4620 levels in the upcoming weeks.

An alternative scenario indicates that if the market been able to breaks above a key resistance zone now holding at 4850, then it might have a chance to revise the trend to bullish once again. Key support holds at 4620.

Technical Chart:

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