MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 4hr time frame - Enrich Financial Solution
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CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded higher 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 6940. The upside rally could be testing all the way up to 7000-7050 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 6780.
Technical Chart
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