Crude oil costs noticed appreciable volatility final week. Brent crude oil futures on the Intercontinental Alternate (ICE) ($105.30/barrel) was down 6.1 per cent whereas crude oil futures within the home market (₹9,395/barrel) gained a marginal 1.5 per cent.
Brent futures ($105.30)
Brent crude oil futures tumbled over 10 per cent final Monday. It then slipped additional to a low of $93.45 on Wednesday. At that time the bears gave up and the bulls took over once more, resulting in a rally within the second half of final week.
Aiding the rebound was the assist band of $93.50-95, the place the 21-day transferring common coincides. As long as this worth area stays related, the development will stay bullish.
Brent crude futures is predicted to rally from the present stage of $105.30 to the touch $124, a key worth stage. A breakout of this could take the contract to $130.
MCX-Crude oil (₹9,395)
Much like Brent crude futures, MCX crude oil futures (April) misplaced about 10 per cent final Monday. Nevertheless it recovered from the low of ₹8,072 made on Monday and reclaimed the ₹9,000-mark in subsequent periods. This exhibits that the bulls solely confronted a short lived setback.
The chart denotes that the contract has a assist at ₹8,000 and the 21-day transferring common lies at ₹8,200, successfully making the value band of ₹8,000-8,200 a requirement zone. Therefore, bulls are anticipated to be in cost till ₹8,000 holds effectively.
We anticipate crude oil futures to rally to ₹10,300 quickly. A breakout of this could take it additional increased to ₹10,800.
Commerce technique: Go lengthy at ₹9,000 and ₹8,600. Cease-loss may be ₹8,000. On a rally to ₹10,000, revise the stop-loss to ₹9,500. E book earnings at ₹10,500.
Revealed on March 28, 2026
