key support level holding near 4350 - Enrich Commodities
CRUDEOIL
Technical outlook
MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. Previously few sessions ended up in sideways mode along with some corrections inside the channel. 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 a key support level holding near 4350. The downside rally could be testing all the way up to 4290-4240 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 4410. A slide to 4470-4520 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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