+91 -
info@nifmresearch.com

Crude oil trading range for the day as per technical chart

MCX Crude oil May contract on mcx closed at 3087 changed upside with 3.97 percent from the previous closing price. After continuation fall now MCX Crude continued witnessing recovery and headed a high of 3095 once again it's testing its flip resistance near 3100 areas. Today support will be at 3050, retest to this level can’t be ruled out but stability below 3050 needed to confirm a retest to 3000-2960 areas. IN the upper side Resistance is now seen near 3100 if sustained move above that level will bring 3140-3200-3250 on the chart.

The intraday trading range for the day is expected among the key support at 2970 and resistance at 3100.

Recommendation:

  • Today buying on declines will be good for day traders
  • In alternative scenario buying above resistance will be good.
  • Weakness possible only below the previous low.

NOTE: This blog is written only for educational purpose, blogger is not involving any kind of trading, if you are trading on this assumption is trader responsibility.

Go Back



Are you stuck in Buying/Selling decision of stocks…. We are just a call away


Contact us