Crude Oil Quant Analysis 09/04/19

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 bullish 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 break above a key resistance holding at 4520. The positive rally could be tetest all the way up to 4580 and furthermore levels in the upcoming sessions. 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 4450-4350 levels. Key support holds at 4350.