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MCX Crude Oil technical chart has taken the formation of "Falling channel" pattern in Daily time frame. Previously few sessions ended up sideways trend near an historical low, inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 1720. The negative rally could be testing all the way up to 1650- 1580 levels in the upcoming sessions. An alternative scenario indicates that if key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. Such reversal could possibly test up to 1940 level. Key resistance holds at 1940.
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