MCX Crude oil March contract prices had closed at 4030 on Thursday marginally up by 3.00 rupees against previous close of 4027. MCX Crude oil March contract opened higher at 4045.00 this morning and last traded at 4056 up by 25.00 rupees.
Technically, MCX Crude March contract is trading in the range as RSI for 14 days is currently indicating 39.55, MCX Crude March contract is getting support at 3995 and below could see a test of 3960 level, And resistance is now likely to be seen at 4080, a move above could see prices testing 4135.
Going forward, short term traders can buy MCX Crude oil March contract near 4000 with stop loss of 3920 and can wait for the target of 4190 and 4145.
MCX Crude Feb contract trading range is 3960-4145.