MCX Crude Oil Technical Outlook – Crude Oil Futures (1H)
MCX Crude oil futures prices are bullish. Crude oil futures closed at 5616 on Friday, up 174 points. But the momentum has turned corrective-to-range-bound in the near term after facing a strong rejection near the 5,600–5,650 supply zone. This led to profit booking at 5650 and a pullback towards the 5,430–5,450 demand-conversion zone, which had earlier acted as a breakout level. As long as crude oil remains above 5,300, the bullish framework can remain and the current decline should be viewed as a healthy retracement. A sustained move below 5,300 would weaken the framework and open the risk of a downside move towards 5,120-5,050. On the upside, a confirmation above 5,600 is required to resume the primary uptrend towards higher resistance levels.
Short-Term Research Report
Buy Above: 5,600 Target: 5,700 – 5,750 Stop-Loss: 5,450
Sell Below: 5,300 Target: 5,100- 5,050 Stop-Loss: 5,350
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