MCX Crude Oil futures can rally up to Rs 8,300; Key levels to watch out

The bias is likely to remain bullish as long as Crude Oil futures sustain above Rs 7,830, below which the next crucial support is at Rs 7,730.

Crude Oil

Bias: Positive

Last close: 7,880 

Target: Rs 8,300

Upside: 5.7%

The MCX Crude Oil futures seem poised for further gains this week as select key momentum oscillators are on the verge of turning favourable on the daily charts. 

The 14-day RSI (Relative Strength Index) is showing signs of firming up, while the MACD (Moving Average Convergence and Divergence) may soon turn positive. As per the price-to-moving averages action, the commodity needs to sustain above Rs 7,830-odd levels for the bullishness to gain momentum. Below, which the next crucial support of Crude Oil futures is at Rs 7,730.

The MCX Crude Oil futures