#MCXCrudeOil Weekly – Breakdown into Major Support Zone#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.
