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Published on 10/08/2018 10:54:27 AM | Source: Enrich Commodities India Pvt Ltd

The market is expected to continue on the same trend - Enrich

CRUDEOIL

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous sessions ended up bullish by retesting near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue on the same trend. The positive rally could be testing all the way through 4700-4800 levels in the upcoming sessions. An alternative scenario indicates that if the market been able to break below the keys support zone holding near 4560, then it might turn bearish once again. Such downside rally might test around 4500-4400 levels. Key resistance holds at 4800.

Technical Chart:

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