The downside rally could be testing all the way up to 4790-4740 levels in the upcoming sessions - Enrich Financial Solution pvt ltd
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MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. The last couple of sessions concluded in sideways mode with some corrections inside 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 4850.
The downside rally could be testing all the way up to 4790-4740 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 4960. A slide to 5010 is also a possibility if the price makes or break above the current resistance level.
Sell below 4850 target 4790-4740 stop loss 4900; If break above 4900 then Buy, target 4960-5010 stop loss 4850
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