Crude Oil Quant Analysis: 28/Feb/19

by Rahul Rana | Feb 28, 2019 | Analysis, Market-Watch Staff

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few sessions ended up bullish in 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 bullish trend.The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4120. The positive rally could be testing all the way up to 4180-4250 level in the upcoming sessions. An alternative scenario indicates that if the key resistance holding strong then the market might have a chance to retest the same and trend to bearish once again. Such reversal could possibly test up to 4000-3900 level. Key support holds at 3900.