CrudeOil Quant Analysis: 8/Feb/19

Mcx crude Oil futures technical chart has taken the formation of “Right-angled Ascending wedge” pattern in dally tame frame. Previously few sessions ended up in a 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 a bearish trend. The continuation of the trend will be confirmed ones 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 sessions. An alternative scenario indicates that if a key support holds strong then the market might retest the same and revise the trade to bullish ones again. such reversal could possibly test up to 3850-3950 levels. Key resistance holds at 3950.