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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rounded bottom" pattern in daily time frame. While few sessions have been in bullish mode with some corrections within the channel, the last one has trade lower and closed in green. 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 5620. The upside rally could be testing all the way up to 5680-5730 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 5510. A slide to 5460 is also a possibility if the price makes or break below the current support level.

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