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Published on 5/08/2020 10:50:20 AM | Source: Enrich Commodities India Pvt Ltd

A slide to 3050-3010 is also a possibility if the prices break below the support level - Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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Crude Oil

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Descending broadening wedge" pattern in 2hr time frame. Previous session ended up in bullish mode after retesting near the channel’s support line. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. A break above the key resistance holding near 3160, could be testing all the way up to 3220-3260 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 3110. A slide to 3050-3010 is also a possibility if the prices break below the support level.

Technical Chart

 

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