Crude Oil Quant Analysis: 04/04/19

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previous session ended up in bearish trend after 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 4220-4150 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 4350 then it might revise the trend to bullish once again. Such breakout could positive test up to 4400-4450 levels. Key support holds at 4150.