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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 traded higher and yet 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 6860. The downside rally could be testing all the way up to 6800-6750 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 7020.

Technical Chart

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