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Published on 11/12/2019 10:25:21 AM | Source: Enrich Commodities India Pvt Ltd

The positive rally could be testing all the way up to 4300-4370 levels - Enrich Commodity

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

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Crude Oil

Technical Outlook

MCX Crude Oil futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. Previously few sessions ended up sideways in trend 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 bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4220. The positive rally could be testing all the way up to 4300-4370 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. Such reversal could possibly test up to 4110 level. Key support holds at 4110.

 

Technical Chart

 

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