Buy MCX Crude Oil - MCX Intraday Tips

MCX Crude Oil is likely to trade positive on the supportive side. MCX Crude January is expected to look up and recommended to a buy above Rs 5225 level, for price targets of Rs 5270-5290 with a stop loss of Rs 5180. In MCX Crude Oil overall trend looks bullish and going long is recommended.

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MCX Crude Oil Trend - Evening Outlook

We expect crude oil to trade higher today taking cues from supply worries from Iran, expected fall in US crude oil inventories and dollar weakness.

Current short covering rallies could extend towards 5120-130 regions, But strong upside would be seen only a breach of the same. Else, the region of 5120-130 would for a corrective selling till 5040. Weakness seen below 5020 towards 4975 then to 4940.

Resistance - 5095/5120
Support - 5030/4980/4950

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MCX Crude Oil Weekly Outlook 19-24 Dec

MCX Crude oil is likely to witness some short covering along with base metals at lower levels. Crude-oil futures edged lower, capping a week of steep declines spurred by intensifying concerns about slowing oil demand. The decline marks the third downward session in a row for benchmark U.S. crude and its lowest finish in six weeks. 

Oil demand in the U.S., the world`s largest oil consumer, fell 1.8 million barrels a day in the week, while oil imports fell 1.1 million barrels. Organization of the Petroleum Exporting Countries at a meeting this week agreed to maintain its current output levels.

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