MCX Crude Oil technical chart has taken the formation of "Falling wedge" pattern in hourly time frame - Enrich Financial Solution
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CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Falling wedge" pattern in hourly time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded lower as expected and closed in red for the session. 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 7760. The downside rally could be testing all the way up to 7660-7580 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 7860. A slide to 7960-8050 is also a possibility if the price makes or break above the current resistance level
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