Crude Oil Quant Analysis: 08/03/19

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previous session ended up bullish in trend and consolidated after few negative rallies inside the channel. 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 4050-4100 level in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 3920 then it might revise the trend to bearish once again. Such breaks out could possibly test up to 3800 level. Key resistance holds at 4100.