Mcx Crude oil was consolidating in a symmetrical triangular pattern since October 2018. Two weeks back it gave a breakout to the pattern on the upside and since then it is moving towards the north. Recently it also crossed the previous swing high and it seems that bulls have a tight grip on oil and there is further upside left in it. The momentum indicator KST is on the bullish zone. Currently, it is near 61.8% Fibonacci retracement mark of the previous fall. Once it surpasses that mark we may see further escalation towards 78.6% Fibonacci retracement mark which is at the level of 5114. Near term, support is placed at 4280.
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