MCX Crude Oil technical chart has taken the formation of `Rising channel` pattern - Enrich Financial Solution
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CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in daily time frame. While few sessions have been in sideway rallies with some corrections. The last one has trade higher but closed in slight red. 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 6300.
The upside rally could be testing all the way up to 6350-6410 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 6190. A slide to 6140 is also a possibility if the price makes or break below the current support level.
Technical Chart
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