Crudeoil Quant Analysis: 13/Feb/19

Mcx crude oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. previously few sessions ended up consolidated and retesting 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 3850-3950 level in the upcoming sessions.

crude oil Time Actual Forecast Previous

lnventory

forecast

APl Weekly 3:00 -0.998m …… 2.514m

crude oil stoct Am

Tonight

crude oil 9:00 …… 2.668m 1.263m

inventories Pm

Ela Weekly 9:00 ……. -1.142m -2.257m

Distillates Stock Am

Gasoline 9:00 …… 0.826m 0.513m

lnventories Pm

An alternative scenario indicates that if market breaks below a key support holding at 3700 then it might revise the trend to bearish once again. Such break out could possibly test up to 3650-3600 levels. Key resistance holds at 3950.