Crude oil prices increased last week. Brent crude oil futures in the intercontinental exchange (ICE) ($ 68/barrel) increased 4.9 percent, while the future of crude oil in the MCX (₹ 5,479/barrel) won 3.9 percent.
Brent Futures ($ 68)
Brent Crude Oil Futures exceeded a resistance to $ 66 last week. After scoring a maximum intraee of $ 68.14 on Thursday, it closed the week slightly lower to $ 68.
That said, the trend has not become optimistic. In fact, this ascent, which is probably just a corrective rally within the bearish trend.
Therefore, there is the possibility that the contract can resume the decrease between $ 69 and $ 70.70. This possible fall can drag the contract to $ 61.
But in the event that $ 70.70 is violated, the UPSSWing can extend to $ 75.
MCX-Crude Petroleum (₹ 5,479)
May oil futures were recovered above the resistance to ₹ 5,350, reached a maximum of ₹ 5,501 on Thursday before the end of the session at ₹ 5,479.
There is more upwards, it is likely to be limited between ₹ 5,620 and ₹ 5,750. Only a clear rupture of the latter can change the positive perspectives, in which case, the price can pass to ₹ 6,500.
But since the contract has not thrown the bassist inclination, we hope that the fall resumes. Crude oil futures (May) can test the support in ₹ 5,000.
Commercial strategy: Last week, we had suggested that they fell short in the futures of April to ₹ 5,400. As will expire on April 21, leave this operation on Monday at the session open.
Then, the sale of crude oil futures if it increases to ₹ 5,620 with a stop -los a ₹ 5,820. When the price falls to ₹ 5,250, check the stop-to ₹ 5,500. Book earnings to ₹ 5,050.
Posted on April 19, 2025