As per the technical aspects based on the current price action - Enrich Financial Solution
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CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Rising wedge" pattern in 4hr time frame. The last few sessions have been in sideways mode with some corrections within the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend, once the same break above the current key resistance level holding near 5340. The upside rally could be testing all the way up to 5400-5450 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 5280. A slide to 5220-5170 is also a possibility if the price makes or break below the current support level.
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