MCX Crude Oil Prices – Cup and Handle Pattern
Time to concentrate on MCX Crude oil, the most volatile and unpredictable commodity.
It is high time to Seize the maximum profit potential for both traders and investors. You face the high risk by trading in crude oil but on the other hand, you get the big crunch of profit potential.
Our technical analysis, this time again decodes the market with in-depth knowledge. AS per our technical analysis MCX Crude Oil prices will make a Cup and Handle pattern.
You can see in the chart, the oil prices dipped in March-April, then showed a steep rise in May and as of now the month is going to end, and we can see a small dip and rise in oil prices. These are the premier signs of Cup and Handle pattern formation.
And our study shows that this rise will catch the hype in prices, which is going to above $70.
If you see the previous sessions, you will find the sideways mode together with some corrections. Based on the current price actions crude market will follow the bullish trend.
Traders must closely observe the price action and our target range of $70, based on this information you can proceed with your strategies.
We have highlighted the market structure based on our technical analysis, now it’s your time to clear your thoughts.
Big traders make their investment decisions with the help of technical indicators and these technical indicators help the traders to analyze the best time of trading.