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MCX Crude Oil futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. Previously few sessions ended up sideways in 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 bearish trend. The negative rally could be testing all the way up to 3350 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 3540 then it might revise the trend to bullish once again. Such reversal could possibly test up to 3700 level. Key resistance holds at 3700.
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