MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. previously few sessions ended up in sideways trend but also bullish in long- term 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 bullish trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 4210. The positive rally could be testing all the way up to 4260-4300 levels in the upcoming session. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 4120-4050 level. Key support holds at 4050.
Recent Posts
- JPMorgan downgrades Indian IT sector but bullish on these 4 IT stocks | Mint – Mint
- PhysicsWallah raises $100 million from Westbridge, GSV Ventures, joins unicorn club – Moneycontrol
- Gold loan platform Rupeek lays off over 180 of its employees – Moneycontrol
- JPMorgan Sees 60% Upside In Paytm’s Beaten-Down Stock. Here’s Why… – BQ Prime
- Policybazaar tanks 10% as CEO Yashish Dahiya plans 3.77 mn share sale – Business Standard
Archives
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
Recent Comments