Crude Oil strategy : Crude Oil Pauses Decline, Rebounds Near 6200 Support Level - Choice Broking
CRUDEOIL
Crude oil price has paused its downside momentum in recent sessions, rebounded marginally after consolidation around the support of 6200 level. Price has started trading over all key moving averages i.e. 50, 100 and 200-DMA levels placed at 6272, 6213 and 6258 respectively. Immediate hurdle would be at 6380, breakout of this hurdle will accelerate upward momentum in Crude oil.
Looking at Option chain, we can observe significant Short covering at Call strikes of 6200 and 6250 with 1011 and 1110 lots respectively. Also, there is a Long buildup at 6300 Put strike with 7975 lots. Traders may look forward for Bullish strategy in Crude oil.
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