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Published on 8/06/2020 8:56:58 AM | Source: Enrich Commodities India Pvt Ltd

The positive rally could be testing all the way up to 3100-3180 levels in the upcoming sessions - 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 wedge" pattern in 4hour 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 3040. The positive rally could be testing all the way up to 3100-3180 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish/sideways mode. The downside rally could be testing up to 2840 level. Key support holds at 2840.

 

Technical Chart

 

 

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