As per the technical aspects based on the current price action, the market is expected to continue on bearish trend - Enrich Financial Solution
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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 higher and closed in red. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend, once the same break below the current key support level holding near 5570. The downside rally could be testing all the way up to 5510-5460 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 5680. A slide to 5730 is also a possibility if the price makes or break above the current resistance level.
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