MCX Crude Oil technical chart has taken the formation - Enrich Financial Solution pvt ltd
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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. The last couple of sessions concluded in sideways mode 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 the current key support level holding near 4930. The downside rally could be testing all the way up to 4870-4820 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 5040. A slide to 5090 is also a possibility if the price makes or break above the current resistance level.
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