The price of Crude Oil faced heavy selling pressure over the past few sessions of trade as it
corrected from the highs of Rs 4313 levels to register a low of Rs 3853 levels during the previous session.
But the key observation to be made is that the price of crude has registered an inverted head and shoulders pattern breakout on its intraday charts during the previous session.
This is a bullish formation and the measuring implication of the pattern suggests that the price can advance to levels of Rs 4080 and/or Rs 4120 levels.
The momentum indicators have also turned into buy mode signaling a near term to short term reversal in the counter.
We recommend traders to buy between Rs 4020--Rs 3980 levels with a stop loss placed below
Rs 3933 levels for upside targets of Rs 4080 / Rs 4120 levels expected to be achieved in 1-2 sessions of trade.
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