Buy Crude Oil Sep @ 6250, add up to 6200, for the Targets of 6700 - 7000, with SL @ 5990 By Choice Broking
After a steep decline in this week, Crude price has pullback from its support low, having good buying interest from dips. MCX Crude oil September contract has surged by nearly 4% from the dip and started trading over 6250 level. On the other hand, WTI Crude Spot has been at $74.30 / barrel currently.
WTI Crude oil spot has started rebounding from $71.44 level and inclined by +4.26%. Immediate support level would be at 20-DMA level placed at $73.40 on 4-hour chart whereas hurdles would be at $74.57 - $76.96 respectively.
MCX Crude oil September contract has pullback from the support low of 6020 in this week and breakout the Bearish trend line. Here, on 4-hour chart, we can observe Inside Bar formation at dips. Also, price has started trading over 23% of Fib. Retracement level placed at 6193. Next key Fib. Retracement levels would be at 50% and 61.8% placed at 6383 – 6468 respectively.
The momentum indicator, RSI levels have turned positive and trailing towards 50 levels on Daily timeframes. Also, we can observe a Bullish crossover on MACD lines along side emergence of Positive histograms on 4-hour chart. which collectively suggests Bullish biasness for Crude price.
Expectations are for a bullish trend in Crude oil prices in the upcoming sessions, prompting traders to consider Long positions aiming for Target of 6700 - 7000, with a designated Stop loss in place.
Buy CRUDEOIL - Sep @ 6250, add up to 6200, for the Targets of 6700 - 7000, with SL @ 5990
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