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CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Ascending Triangle" pattern in 4hr time frame. The last session concluded in bearish mode with some corrections within the channel, testing near the support trend line. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend, once the same break above the current key resistance level holding near 5060. The upside rally could be testing all the way up to 5120-5170 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 5010. A slide to 4950-4900 is also a possibility if the price makes or break below the current support level.

Technical Chart

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