MCX Crude Oil futures technical chart is showing a “Right Angled Ascending Broadening Wedge” patter, while picking a daily time frame. Previous few sessions ended up in a bullish trend along with some inside channel corrections.
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 test 3760-3860 levels in upcoming sessions. Key resistance holds at 3860.
An alternative scenario indicated that if markets break below 3600, which is a key support then the trend could be revised to bearish once again. Such a break could possibly break up to 3500-3400 levels.
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