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Published on 16/09/2019 9:33:00 AM | Source: Enrich Commodities India Pvt Ltd

Crude Oil key resistance holds at 4140 - Enrich Commodities

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Crude Oil

Technical Outlook

MCX Crude Oil futures technical chart has taken the formation of "Megaphone chart" pattern in daily time frame. Previous session ended up consolidated near a strong support inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish by retesting the support. The positive rally could be testing all the way up to 4040-4140 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 3870 then it might revise the trend to bearish once again. Such breakout could possibly test up to 3770-3640 level. Key resistance holds at 4140.

Technical Chart

 

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