Crude oil prices fell last week. Brent crude oil futures in the intercontinental exchange (ICE) ($ 65.80/barrel) lost 3.2 percent. While the future of crude oil in the MCX (₹ 5,396/barrel) depreciated 1.5 percent.
Brent Futures ($ 65.80)
Brent Crude Oil Futures, largely due to the decrease that occurred in mid -week, recorded a weekly loss of 3.2 percent. He could not overcome the barrier at $ 69.
In the future, there may be a drop in the price. The closest support from the current level is $ 61. The posterior support is $ 56. But keep in mind that a violation of the base at $ 61 will be a considerable bearish signal.
In the event that the bulls gain traction, it would boost the contract above $ 70.70 to have some hope of reversing the direction of the trend. The resistance above $ 70.70 is $ 75.
MCX-Crude Petroleum (₹ 5,396)
The future of raw May, although registered a loss of 1.5 percent last week, the price action shows that it remained within a narrow range. The contract ranged between ₹ 5,270 and ₹ 5,500.
Neverberness, crude oil futures are below the key barrier in ₹ 5,500, where the 20 -day mobile average is located. This maintains the bearish inclination for the contract.
A resumption in the bearish trend from the current level can drag the contract to ₹ 5,000. A breach of this can intensify the sale of sales. The closest support below ₹ 5,000 is ₹ 4,400.
In the event that crude oil futures leave ₹ 5,500, they can extend the rally to ₹ 5,800, a remarkable resistance. Above this is the key obstacle of ₹ 6,000. Only a violation of this can lead to a sustainable upward trend.
Commercial strategy: Sell crude oil futures for ₹ 5,400. Target and Stop-Loss can be ₹ 5,000 and ₹ 5,600 respectively.
Posted on April 26, 2025
