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Published on 4/01/2021 9:44:57 AM | Source: Enrich Commodities India Pvt Ltd

MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 4hr time frame - Enrich Commodities

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

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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. Previously few sessions ended up in sideways mode 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 bearish trend, once the same break below a key support level holding near 3510. The downside rally could be testing all the way up to 3450-3400 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 3560. A slide to 3620-3660 is also a possibility if the price makes or break above the current resistance level.

 

Technical Chart

 

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