MCX Crude Jan contract closed on Wednesday at 4124, up by more than two percent against previous close of 4041. The contract opened down at 4115 made the same level as an intraday high and last traded at 4084 down by 40 rupees after touched an intraday low at 4075. Crude future prices are likely to rise on strong demand and may rise to test 4130-4160 levels within next few trading days. Support for Crude is seen at 4050 and below it; prices can test 4005 while the resistance levels are seen at 4125 and 4165 respectively. 14 days RSI for MCX Crude Jan contract is at 56 levels, which shows that Crude prices are trading sideways.
Recommendations For Intraday- Intraday traders can buy MCX Crude Jan contract near 4080 keeping a stop loss of 4040 and can wait for the targets of 4120-4140.