MCX Crude Oil technical chart has taken the formation of "Rising wedge" pattern in daily time frame. Previous session ended up in bearish mode 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 bearish trend, once break below a key support holding near 2970. The downside rally could be testing all the way up to 2910-2850 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 3030. A slide to 3090-3150 is also a possibility if the price makes or break above the current resistance level.
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