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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. 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 bullish trend, once the same break above the current key resistance level holding near 5480. The upside rally could be testing all the way up to 5540-5590 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 5430. A slide to 5370-5320 is also a possibility if the price makes or break below the current support level.

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