Comments
The crude oil futures contract traded on the Multi Commodity Exchange (MCX) is sustaining higher after bouncing from the low of ₹2,636 per barrel recorded on November 19.
The contract has risen decisively above ₹2,800 in the past week and has been receiving support at ₹2,800 in the past two days. It is currently trading at ₹2,880. While it trades above the support level of ₹2,800, a rise to ₹2,950 and ₹3,000 looks likely in the coming days. Short-term traders with high risk appetite can go long. Stop-loss can be kept at ₹2,810 for the target of ₹2,980. Intermediate dips to ₹2,850 can be used to accumulate the long positions. The outlook will turn bearish only if the contract records a strong break below ₹2,800. Such a break will increase the danger of the contract revisiting ₹2,700 and ₹2,600 levels.
MCX-Natural gasThe contract is trading volatile. It fell to a low of ₹136.3 on Monday and has reversed sharply higher from there. It is currently trading at ₹152.
A broad sideways range move between ₹140 and ₹160 can be seen in the contract for some time. A decisive breakout on either side of ₹140 and ₹160 will decide the next trend for the contract. Traders can stay out of the market until a clear trade signal emerges.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.