Crude Oil Quant Analysis: 05/03/19

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 bearish 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 bearish trend. The continuation of the trend will only be confirmed once the price breaks below a key support holding at 3920. The negative rally could be testing all way up to 3850-3800 level in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. Such reversal could possibly test up to 4050-4100 level. Key resistance holds at 4100.