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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rising wedge" pattern in daily time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded higher as expected and closed in green for the session. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend, once the same break above the current key resistance level holding near 8400. The upside rally could be testing all the way up to 8500-8580 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 8120

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