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Published on 15/11/2019 9:32:34 AM | Source: Enrich Commodities India Pvt Ltd

The negative rally could be testing all the way up to 3940 levels - Enrich Commodities

Crude Oil

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 sideways in 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 negative rally could be testing all the way up to 3940 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 4140 then it might turn bullish once again. Such breakout could possibly test up to 4250. Key support holds at 3940.

Technical Chart

 

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