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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in weekly time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded higher creating all new historical high once again and closed in green for the session. 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 9320. The upside rally could be testing all the way up to 9400-9500 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 9010.

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