mcx crude oil future heading towards 3150


Mcx crude oil Sep expiry future is trading at 3000 with 1.5% gain for the day. Crude prices seeing upside on US crude oil stockpiles decrease. For intraday mcx crude oil future support is at 2880 while on upside 2995 was resistance which is broken and crude is trading above it. above 2995 next major resistance is 3150 which is 1 and 3 month trend channel upper range.
3150 will be short term target zone for oil prices if it sustain above 2995. 2880 is stop loss for swing traders and above it, they can follow buy and accumulate strategy for targets 3150 and then 3380. On weekly chart price as well as indicators pattern, suggest correction is almost over and crude future now may heads towards 3200-3500 zone in medium terms.
For intraday long traders can wait for target 3050 to 3150 with trailing stop loss in place. While positional traders keep, buy and accumulate strategy above 2880 for 3150 target.

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Pramod Baviskar

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