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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Falling channel" pattern in daily time frame. The last few sessions have been in sideways mode with some corrections within 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 4980. The downside rally could be testing all the way up to 4920-4870 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 5140.

Technical Chart

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