Go short on crude oil futures by admin- Thursday, August 5th, 2021 08:02:27 AM
In November 2020, the continuous agreement of crude oil at the Multi Commodity Exchange (MCX) bounced after locating support at ₹2,540. Since then, the settlement has been on a robust uptrend. While there has been a bit of a slowdown in March this 12 months after reaching ₹4,960 tiers, the agreement regained momentum and crossed over the essential level of ₹five,000 in June.
It made a sparkling high of ₹five,733 during the primary week of July. However, the futures started to lose momentum and slipped beneath ₹five,000-mark. Nevertheless, the futures once more tried to move up. But after accomplishing ₹5,500 tiers, the agreement speedy made a U-turn, and is now beneath both 21- and 50-day shifting averages, a bearish sign.
Traders can quick crude oil futures with stop-loss at ₹five,330 for a ability target of ₹4,885.