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The 4 per cent sharp fall in the crude oil futures contract traded on the Multi Commodity Exchange (MCX) found support at ₹5,552 on Monday.
The contract has reversed higher from this level and the immediate outlook has turned bullish.
A rise to test the resistance at ₹5,800 looks likely in the coming days. A strong break above this level can take it further higher to ₹5,850.
Traders with a short-term perspective can go long with a stop-loss at ₹5,650 for the target of ₹5,850. Supports for the contract are placed at ₹5,660 and ₹5,550.
MCX-natural gas: The MCX-natural gas futures contract is consolidating above its important support at ₹232 per mmBtu since Monday.
The outlook is bullish. A sharp rise to ₹245 looks likely in the coming days. Intermediate resistance is at ₹238.
A strong break above this level can trigger a rise to ₹245.
Short-term traders can go long at current levels. Stop-loss can be kept at ₹231 for the target of ₹244.
Intermediate declines to ₹232 if seen can be used as an opportunity to accumulate more long positions.
Support for the contract is at ₹232. Declines below this level can take it to ₹229.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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