#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.
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.
הערה
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.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.