Buy Crude Oil @ 4020 SL 3740 TGT 4400 - Choice Broking
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* On the daily chart, MCX Crude Oil has given “Flag Pattern” breakout, which is a bullish continuation pattern.
* Moreover, price has shifted above Upper Bollinger Band formation and Ichimoku Cloud, which indicates bullish strength in the counter.
* Furthermore, the price has also sustained above 50 days Simple Moving Average, which points out further bullishness in the near term.
* Also, momentum indicator Stochastic has given a positive crossover, which confirms positive momentum.
* Volume activity has been rising gradually after a correction and momentum indicator RSI (14) has also witnessed strength.
* Based on the above technical structure, we a i expect a bullish movement in Crude Oil (Feb) towards the level of 4400 in the near term.
Buy Crude Oil @ 4020 SL 3740 TGT 4400
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