Crude Oil Quant Analysis: 22/Feb/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 bearish in trend and consolidated, retesting near the channel’s resistance slope line. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The negative rally could be testing all the way up to 4000-3950 level in the upcoming sessions. An alternative scenario indicates that if the market break above a key resistance zone holding at 4100 then it might turn bullish once again. Such break out could possibly test up to 4200 level. Key support holds at 3950.