MCX Crude Oil technical chart has taken the formation - Enrich Financial Solution
CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. Previous session 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 bullish trend, once the same break above the current key resistance level holding near 5050. The upside rally could be testing all the way up to 5110-5160 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 5000. A slide to 4940-4890 is also a possibility if the price makes or break below the current support level.
Technical Chart
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