Crude Oil Quant Analysis: 01/04/19

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 in sideways trend but also bullish in long- term 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 bullish trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 4210. The positive rally could be testing all the way up to 4260-4300 levels in the upcoming session. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 4120-4050 level. Key support holds at 4050.