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Published on 12/04/2022 12:30:38 PM | Source: Enrich Financial Solution Pvt Ltd

MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame - Enrich Financial Solution

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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded lower and closed in red for the session. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend, once the same break below the current key support level holding near 7100. The downside rally could be testing all the way up to 7000-6940 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 7360.

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