CrudeOil Quant Analysis: 12/Feb/19

Mcx crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bearish 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 continuation of the trend will be confirmed once the price breaks below a key support holding at 3660. The negative rally could be testing all the way up to 3600-3500 level in the upcoming session. An alternate scenario indicates that if key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. Such reversal could possibly test up to 3850-3950 levels. Key resistance holds at 3950.