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Published on 7/07/2020 9:39:11 AM | Source: Enrich Commodities India Pvt Ltd

The positive rally could be testing all the way up to 3150-3220 levels in the upcoming sessions - Enrich Commodities

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Crude Oil

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in hourly time frame. Previously few sessions ended up retesting near the channel’s support line. 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 stiff resistance holding near 3070. The positive rally could be testing all the way up to 3150-3220 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 3010.

Technical Chart

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