Comments
The outlook for crude oil futures traded on the Multi Commodity Exchange (MCX) is bullish. The contract has decisively breached its key resistance at ₹3,380 a barrel and surged some 8 per cent in the past week. It is currently trading near ₹3,462. The level of ₹3,380 will act as a good support for the contract. Dips to this level can attract fresh buying interest. The contract can rise to ₹3,600 and ₹3,700 in the coming days. Traders with a short-term perspective can go long. Stop-loss can be placed at ₹3,360 for the target of ₹3,600. Intermediate declines to ₹3,380 can be used to accumulate long positions.
The outlook could turn negative if the contract declines below ₹3,380. The next targets will be ₹3,250 and ₹3,150.
MCX natural gas: MCX natural gas futures found support at ₹156 per mmBtu in the past week and rebounded. They are currently trading near ₹161. Resistance is at ₹165 which is likely to be tested. Short-term traders with high risk appetite can go long with a tight stop-loss at ₹159 for the target of ₹165.
Whether the contract breaches ₹165 or not, will decide the next leg of move.
A break above ₹165 can take the contract higher to ₹170 and ₹175.
n the other hand, in ability to breach ₹165 can drag the contract lower to ₹160 and ₹156 levels once again.
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.