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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 near the historical low. 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 1750. The negative rally could be testing all the way up to 1680-1610 in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could be testing up to 1950. Key resistance holds at 1950.
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