Key resistance holds near 5230 - Enrich Financial Solution
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CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. A few recent sessions concluded in bearish mode along with some corrections within 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 the current key support level holding near 5060.
The downside rally could be testing all the way up to 5000-4950 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 5230.
Technical Chart
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