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Crude Oil Technical Outlook on Inventory

MCX Crude oil March contract inched 18 rupees up to close at 2759. Yesterday selling pressure absorbed by smart money and crude reversed nicely after hitting an intraday low of 2683. Dragon fly doji candlestick pattern is visible on daily chart with oversold reading on stochastic and rising volume hints a possible recovery in this commodity. Today support would be at 2683 any move below this level would bring 2590-2550. Resistance is now seen near 2790 any move above that level would bring more charm and then 2850-2900-3000 and more upside possible.


Crude Oil trading range for the day is expected among the key support at 2600 and resistance at 2800.


Recommendation:


  • Buy crude oil above 2800 sl below 2710 target 2870-2940-3011
  • Selling below 2600 sl above 2670 trgt 2520

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