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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 2hr time frame. Previously few sessions ended up in sideways mode along with some corrections inside the channel. 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 a key support level holding near 4230. The downside rally could be testing all the way up to 4180-4130 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 4270. A slide to 4320- 4370 is also a possibility if the price makes or break above the current resistance level

Technical Chart 

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