MCX Crude Oil futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Last few sessions indicating strong selling pressure after retesting near the channel’s resistance slope line. As per the technical aspects of the pattern, the market is expected to continue on bearish momentum. The negative rally could be testing all the way through 4800-4700 levels in the upcoming weeks. An alternative scenario indicates that if the market been able to breaks above a previous support which has become a key resistance zone now holding at 5000, then it might have a chance to revise the trend to bullish once again. Long-term key support holds at 4650.
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