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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. While few sessions have been in sideway rallies with some corrections, reaching a historical high after a very long time. The last one has trade lower and closed in red. 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 5800. The downside rally could be testing all the way up to 5740-5690 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 5910. A slide to 5960 is also a possibility if the price makes or break above the current resistance level.

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