MCX Crude Oil News Today- Crude Oil Likely to move up

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.

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Support and Resistance for MCX Crude Oil

Support for Crude is seen at 3940 and below it; prices can test 3875 while the resistance levels are seen at 4050 and 4100 respectively. Short term range for MCX Crude Feb contract is seen at 3900-4150. Positional traders can Buy MCX Crude Feb contract near 3970 keeping a stop loss of 3925 and can wait for the targets of 4040-4075 .

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Crude may Rise on Short Covering

MCX Crude Feb contract last closed at 4099, down by 26 rupees against previous close of 4125. The contract opened down side flat at 4097 made an intraday high at 4111 and last traded at 4073 down by 26 rupees after touch an intraday low of 4053.

Crude future prices are likely to rise on short covering and could touch 4140-4180 levels within next few trading days.

Support for Crude is seen at 4040 and below it; prices can test 3975 while the resistance levels are seen at 4100 and 4150 respectively. 14 days RSI for MCX Crude Feb contract is at 45 levels, which shows that Crude prices are falling steadily.

Short term range for MCX Crude Feb contract is seen at 4000-4200. Positional traders can Buy MCX Crude Feb contract near 3950 keeping a stop loss of 3875 and can wait for the targets of 4050-4130.

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MCX Crude Oil Short Term Outlook

Crude future prices are likely to fall in the short term on profit booking and could touch 4090-4050 levels within next few trading sessions.

Support for Crude is seen at 4090 and below it; prices can test 4050 while the resistance levels are seen at 4175 and 4225 respectively. 14 days RSI for MCX Crude Jan contract is at 57 levels, which shows that Crude prices are trading sideways.

Short term range for MCX Crude Jan contract is seen at 4000-4200. Short term traders can sell MCX Crude Jan contract near 4200 keeping a stop loss of 4235 and can wait for the targets of 4160-4110.

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MCX Crude News- Crude Likely To Rise on increased Demand

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.

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Crude Oil Updates - Evening Round Up

Currently, oil prices are trading slightly higher at around 83.48 but at MCX futures oil is trading flat at 3689. There is a slight deviation between two exchange's oil future prices due to domestic currency Indian rupee appreciation. Moreover, the gains have been slightly eroded from its day's high. This is because of profit booking situation in European equity markets. This is also important to look at that, in the morning oil prices were trading higher mostly taking cues from negative API inventory figure. Now the prices are trading with a marginal change and waiting for DOE inventory data. Any substantial change in inventory figures may have an impact on prices. Though, we are not betting on inventory figures. US equity market traded firm on yesterday and some profit booking can be observed on today’s trading session however, losses are likely to be limited and this may support oil to move higher. Meanwhile, the important supporting factor is US dollar. The dollar index is trading lower and likely to correct further expecting weaker economic data. Overall, oil prices may primarily trade lower in U.S market and later on likely to recover.

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