Crude Oil Future Price

Buy CRUDEOIL - Apr @ 6495, add up to 6440, for the Targets of 6900 - 7250, with SL @ 6267

Duration: 35 Days

Crude oil futures has been traded back & forth over the past couple of weeks. Despite occasional retracements towards support levels, price has consistently upheld its bullish trajectory and appears poised to continue its upward momentum. MCX Crude oil April - Contract has settled at 6438 in past session and on the other side, the WTI Crude oil spot is trading over $78.50.

WTI Crude oil spot price has started trading over 200-DMA level placed at $77.80 and heading towards its immediate resistance of $80 - $80.82
On Daily chart, Crude price has formed a Ascending Triangle formation and price has been traded within in past few sessions. Here, price has started trading over all key averages i.e. 50, 100 and 200-DMA levels placed at 6381, 6395 and 6446 respectively. Crucial hurdle would be a Resistance-line of Ascending triangle placed near 6650 and if price breakthrough this mark, we may expect more upside move.

The momentum indicator, RSI is trailing above 50 on 4-hourly, Daily and Weekly charts. Also, we can observe Bullish crossover on MACD on 4-hourly timeframe alongside emergence of Positive histograms.

Expectations are for a bullish trend in Crude oil prices in the upcoming sessions, prompting traders to consider Long positions aiming for Targets of 6900-7250, with a designated Stop loss in place.

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