MCX Crude Oil technical chart has taken the formation of `Ascending broadening wedge` pattern - Enrich Financial Solution
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Technical outlook
MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Previously few sessions ended up in sideways mode along with some corrections, near the historical high 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 5350.
The downside rally could be testing all the way up to 5290-5240 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 5510.
Technical Chart
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