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Published on 29/05/2020 9:53:40 AM | Source: Enrich Commodities India Pvt Ltd

Previously few sessions ended up sideways mode inside the channel - 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 "Descending broadening wedge" pattern in Daily time frame. Previously few sessions ended up sideways mode inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 2600. The positive rally could be testing all the way up to 2680-2780 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and revise the trend to bearish once again. The downside rally could be testing up to 2350 level. Key support holds at 2350.

 

Technical Chart

 

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