#MCXCrudeOil Weekly – Breakdown into Major Support Zone

12 jam lalu

#MCXCrudeOil Weekly – Breakdown into Major Support Zone

CMP: 5,246

Crude Oil has broken down from a descending triangle with a confirmed weekly close below 5,308, triggering target of 4,636. This move unfolds within a larger falling wedge pattern, adding confluence and signaling potential volatility ahead.

This breakdown aligns with two key confluences:

📉 The falling wedge lower trendline.

🟠 A major historical demand zone at 4,692 – 4,499, which was previous resistance turned strong support on multiple occasions.

This make-or-break support zone could act as:

🔄 A reversal zone, potentially triggering a bullish breakout from the wedge.

📉 Or, if breached, it may invalidate the wedge and lead to extended downside.

Key Levels:

Resistance: 5,903 & 6,184 (price action + wedge top)

Support: 4,692 – 4,499 (confluence zone)

Breakdown Target: 4,636 (descending triangle pattern)

Watch weekly candle behavior near this zone closely for signs of either rejection or continuation.

#CrudeOil #MCXCrude #ChartPatterns #FallingWedge #DescendingTriangle #PriceAction #BreakdownAlert #SwingTrading #CommodityTrading

📌 Disclaimer: This analysis is shared for educational purposes only. It is not a buy/sell recommendation. Please do your own research before making any trading decisions.

9 jam lalu

Nota

Strategy was initially marked as Long by mistake. The correct bias is Short-term Bearish (due to the descending triangle breakdown) or Neutral as price approaches the key support zone. Will reassess for long setups only on a confirmed breakout above the falling wedge.