Crude Oil Quant Analysis: 11/Feb/19

Mcx crude oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. previous session ended up in bullish trend but consolidated after few negative rallies, also retesting an interim trend line inside the chancel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3850-3950 level in the upcoming sessions. An alternative scenario indicates that if market breaks below a key support holding at 3700 that it might revise the trend to bearish once again. Such break out could possibly test up to 3600-3500 levels. key resistance holds at 3950.