MCX Crude Oil futures chart has been making the “Right angled ascending broadening wedge” for some time now. Nearly all of the previous sessions ended up in bullish trend along with some corrections inside the channel.
As per the technical aspects based on current price actions, crude market is expected to keep on a bullish trend. This continuation of the trend will be confirmed when the price breaks a key resistance zone at 3760. Also, the positive rally could be testing all the way up to 3850-3900 levels in the upcoming sessions.
An alternative scenario indicates that if the key resistance holds strong, then the markets could reverse and revise the trend to bearish again. If this reversal takes place it could test up to 3600-3500 levels. Key support holds at 3500.
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