Mcx crude oil Oct expiry future today is trading at 3058 with almost 1 % drop. On daily chart, crude oil is trading above 20 and 50 EMA and heading towards 100 EMA level which is 3210.
For short term traders, 2930 is major support level and buying zone. While for intraday traders 3000 is buying level with strict stop loss. On upside expect targets of 3120 and then 3180 in short terms. Daily chart indicators as well as price pattern are strong bullish so strategy must remain buy on decline. Volumes are falling on decline suggesting bear fatigue.
Crude oil monthly pivot level is 3030 and prices are wandering around it suggesting strong hands buying every dips and holding prices.