MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame - 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 4hr time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded higher reaching an all new historical high yet again and closed in almost flat for the session. 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 8320. The upside rally could be testing all the way up to 8380-8430 and furthermore new 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 8160
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