MCX Crude Oil technical chart has taken the formation of "Descending broadening wedge" pattern in Daily time frame. Previously few sessions ended up sideways mode inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The negative rally could be testing all the way up to 2530-2440 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 2700 then it might revise the trend to bullish mode. The upside rally could be testing up to 2860 level. Key support holds at 2440.
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