Crude oil prices have been on the rise for the past two weeks, with Brent crude oil futures on the Intercontinental Exchange (ICE) and crude oil futures on the MCX both posting gains. Brent crude oil futures reached $76.5 per barrel, while MCX crude oil futures hit ₹6,373 per barrel.
In terms of technical analysis, Brent crude oil futures broke through resistance levels at $74.50 and $76, signaling a potential move towards $80 and potentially even $90. On the other hand, MCX crude oil futures surpassed resistance at ₹6,100 and are now eyeing levels of ₹6,500 and ₹7,000, with a breakout potentially leading to a surge to ₹8,000.
For traders, a long position on crude oil futures at ₹6,035 with a stop-loss at ₹6,180 is recommended, with the possibility of tightening the stop-loss to ₹6,300 once the contract reaches ₹6,400. Traders should consider liquidating their long positions at ₹6,500.
Overall, the bullish momentum in crude oil prices is strong, and traders should keep a close watch on key resistance and support levels to make informed trading decisions.
