The downside rally could be testing all the way up to 8200-8120 levels - Enrich Financial Solution
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CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded lower, came back to the recent old levels and closed in strong 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 8290. The downside rally could be testing all the way up to 8200-8120 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 8580.
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