Technical outlook:
MCX Crude Oil technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. Previous session ended up in long bearish mode testing near the channel’s support line. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. A break below the key support holding near 2960, could be testing all the way up to 2910-2850 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 3120.
Research Report Call:
Sell below 2960 target 2910-2850 stop loss 3010; If break above 3010 then Buy, target 3070-3120 stop loss 2960