As shown in the chart, MCX Crude price has given upside breakout of Symmetrical triangle pattern on weekly charts. Price breached the previous of Rs 5457 and made a high of Rs 5517, but was unable to sustain, giving a sharp decline last week and closing below the short term trend line R.
Also, the 14-period RSI is currently holding below the horizontal line, trading below the sloping trend line indicates bearish momentum for the short-term.
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