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Published on 15/01/2020 10:57:54 AM | Source: Enrich Commodities India Pvt Ltd

Crude Oil futures technical chart has taken the formation of `Ascending broadening wedge` pattern - Enrich Commodities

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CRUDEOIL

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 bullish trend. The positive rally could be testing all the way up to 4280 level in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 4110 then it might revise the trend to bearish once again. Such breakout could possibly test up to 4000 level. Key resistance holds at 4280.

Technical Chart

 

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