MCX Crude Oil Forecast And Technical Outlook [28-Dec-2022]

MCX Crude Oil Forecast: Crude oil, traded in a flattish manner in the previous session, while continuing the gradual upside in the commodity, Crude oil is rising with investors looking for direction after China took further steps towards reopening its COVID-battered economy.

Although investors remained cautious, due to the fear of tightened policies, crude gave a short-term recovery post it touched 6500 levels, where we could witness in the last session it consolidating in the range, however in the last session, it touched a low of 6580, but not breaching the 6500 levels, showing slight recovery and relief, As we can see in the technical chart that crude has been witnessing an upward trend post it breaching 6000 levels, which now will act as an S2 for the commodity, and at the movement with the bullish momentum crude is trying to break out of the pattern, as per the 1D chart, it is technically forming a “Descending Broadening Wedge”, The descending broadening wedge is measured to be a reversal pattern and is bullish. Although the pattern is typically a reversal signal, a continuation of the downtrend is still possible. For the current session, resistance is placed at 6810 and support at 6434, indicating that if support is broken, we can see further downside, up to the range of  5800 which is strong support for the commodity.

MCX Crude Oil Research Report target 

If able to sustain above 6720 buy for targets 6750-6780 keeping an SL of 6663. sell if breaks below 6582 sell for the targets 6537-6481, keeping an SL 6660.

Crude oil technical chart

Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.

Disclaimer: Investment in the securities/commodities market is subject to market risk, read all the related documents carefully before investing/trading. 

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