Weekly

WEEKLY COMMODITY OUTLOOK


CRUDE OIL (AUG) futures technical chart has formed "Symmetrical Triangle" pattern in weekly time frame. The previous session ended in sideways trend after taking reversal at trend-line support level and 200DMA. As per the technical aspects based on the current price action, the market is expected to take a reversal in crude oil prices. The reversal will be confirmed once the price breaks resistance level of 3956. The upside rally could extend up to 4050-4180 levels in the upcoming sessions. An alternative scenario indicates that if it is unable break and sustain above the resistance then the downside rally could continue for the target of 4160-4280 levels on upcoming sessions

Tags: Technical


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