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Published on 17/09/2020 9:21:43 AM | Source: Enrich Commodities India Pvt Ltd

The upside rally could be testing all the way up to 3010-3060 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 daily time frame. Previously few sessions ended up in bullish mode after 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, once break above a key resistance holding near 2950. The upside rally could be testing all the way up to 3010-3060 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 2840. A slide to 2790 is also a possibility if the price makes or break below the current support level.

Technical Chart

 

 

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