Technical Outlook & Trading Strategy:-
The price of Crude oil registered an Inverted head and shoulder price pattern breakout during the previous session.
The price also closed comfortably above the neckline resistance level of Rs 4300 levels.
We expect the price of crude oil to hit upside targets of Rs 4380 / Rs 4430 levels over the upcoming few sessions of trade.
The Rs 4300 to Rs 4280 levels will now act as good support for the price of crude oil on corrections.
We recommend traders to buy 50% at current levels and again on dips to Rs 4295—Rs 4275 levels with a stoploss placed below Rs 4247 levels for the above mentioned targets.
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