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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rising wedge" pattern in 4hr 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 5270. The downside rally could be testing all the way up to 5210-5160 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 5320. A slide to 5380- 5430 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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