MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bullish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3760-3860 levels in the upcoming sessions.
An alternative scenario indicates that if the market breaks below a key support holding at 3600 then it might revise the trend to bearish once again. Such break out could possibly test up to 3500-3400 levels. Key resistance holds at 3860.
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