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 continuation of the trend will be confirmed once the prices breaks above a key resistance zone holding at 3750. 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 market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3600-3500 levels. Key support holds at 3500.
