MCX Crude Oil futures technical chart has taken the formation of “Rising wedge” pattern in hourly time frame. The last session ended up retesting the channel’s resistance slope line and is expected to continue on a bearish momentum. The negative rally could be testing all the way through 4450-4400 levels in the upcoming sessions.
An alternative scenario indicates that if the market been able to breaks above the key resistance zone near 4500, then it might turn to overall bullish once again. The upside rally could test 4550-4600 levels. Key support holds at 4400.
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