MCX CrudeOil Futures technical chart has taken the formation of “Right Angled Ascending broadening wedge” pattern in the daily time frame. Previously few sessions ended up in bullish trend along with some corrections in the channel.
As per the technical aspects based on the current price action, the market is expected to continue on a Bullish trend. The positive rally could be testing all the way upto 3750-3800 levels in the upcoming sessions. Key Resistance holds at 3800.
An alternate scenario indicates that if the market breaks below a key support holding at 3560 then it might revise the trend to bearish once again. Such breakout could possibly test up to 3500-3400 levels.
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