Technical outlook:
MCX Crude Oil futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. Previously few sessions ended up sideways in trend 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. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 4140. The negative rally could be testing all the way up to 4090-4040 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and revise the trend to bullish once again. Such reversal could possibly test up to 4270 level. Key resistance holds at 4270.
Research Report Call:
Sell below 4140 target 4090-4040 stop loss 4180; Buy above 4180 target 4230-4270 stop loss 4140