Crude Oil were looking unstoppable when it was moving down side from last few months but as of now some positive expectations from fundamental side as well as technical picture bringing some hope for crude bulls.
Crude is trading at $76.16 & as we can see on charts, crude was continue following a falling money pattern when generally occur in a downtrend & provide an reversal. Same picture we witness on charts & crude not getting ready to fulfill some upside targets after breaking from falling money pattern. At the same time small time RSI bouncing from 50 mark while on day chart RSI providing a positive divergence.
MCX crude trading around 4746 & as we can see on mcx charts, prices broken from a downside channel & printed a high 4818. A fall from this mark & retesting of broken channel provide a clear uptrend for coming trading session. However as always mcx prices can be affected by INR movement. Still an upside move is very much expected.
On fundamental side, later this week OPEC meeting could cut the crude production & improving economy from US may increase the demand.
Based on above studies, crude probably move higher in coming trading session for possible levels around $79 & then $82.75 while a day close below $73 will delay the forecast.
MCX -> S2(4560) S1(4670) cmp(4746) R1(4870) R2(4920)
Note - Above technical analysis is not a buy/sell recommendation.
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Crude Bulls Back To Match
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