key support level holding near 4620 - Enrich Financial
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Crude Oil
MCX Crude Oil technical chart has taken the formation of "Falling wedge" pattern in daily time frame. The last session concluded in bearish mode with some corrections after opening on a big gap down formation 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 the current key support level holding near 4620.
The downside rally could be testing all the way up to 4560-4510 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 4730. A slide to 4780 is also a possibility if the price makes or break above the current resistance level.
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