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Published on 10/07/2020 12:20:02 PM | Source: Enrich Commodities India Pvt Ltd

Previously few sessions ended up in sideways mode near the channel`s support line - 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 "Ascending triangle" pattern in 2hr time frame. Previously few sessions ended up in sideways mode near the channel’s support line. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below a crucial support holding near 2960. The negative rally could be testing all the way up to 2880- 2810 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 3030.

 

Technical Chart

 

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