MCX CrudeOil Futures technical chart has taken the formation of “Ascending broadening wedge” pattern in a 4-hours time frame. Previously few sessions ended up bullish in trend and retesting inside the channel. As per the technical aspects based on the current price action, the market is expected to confirm once the prices break above a key resistance holding at 3900. The positive rally could be testing all the way up to 3950-4000 level in the upcoming sessions. An alternative scenario indicates that if key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3800-3730 levels. Key support holds at 3730.
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