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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Falling wedge" pattern in daily time frame. The last session concluded in bullish mode with some corrections after retesting the channel’s strong support trend line. 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 4900.

The upside rally could be testing all the way up to 4960-5010 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 4850. A slide to 4790-4740 is also a possibility if the price makes or break below the current support level.

Technical Chart

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