IGI Logo

CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Rising wedge" pattern in 2hr time frame. While few sessions have been in sideway rallies with some corrections. 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 6090. The downside rally could be testing all the way up to 6030-5980 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 6140. A slide to 6200-6250 is also a possibility if the price makes or break above the current resistance level.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer