Crude Oil Tips – BUY Crudeoil at CMP 3726 Add more if price 3704 with SL 3690 for Target 3758 – 3770
MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up bullish in trend along with some correction inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above the key resistance holding at 3850. The positive rally could be testing all the way up to 3950-4000 levels in the upcoming sessions.
Crude Oil prices fell on Wednesday morning in Asia following threats from Iran that it would disrupt oil shipments in the Gulf, which added to uncertainties ahead of the upcoming OPEC output meeting. On the daily chart, price has moved upward from lower Bollinger band formation; which indicates a further support for the prices. Moreover, NYMEX Crude price has also found the support at $50 and pulled back from there. So based on the above technical structure; we expect sideways to bullish movement in the prices for near term
Russia agrees to reduce oil output in tandem with OPEC and allies in 2019. Debates about figures and baselines for cuts is still ongoing – RTRS