(Time Zone: Arizona, USA)
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices rose this Thursday morning and early afternoon trade in Asian trade after U.S. government data showed a drop in crude output.
Meanwhile, an assurance from the U.S. Federal Reserve that interest rates would stay low for a while boosted investors' risk appetite and global financial markets.
Technically, WTI Crude Oil can continue its bullish momentum up to $63.97-$64.83 levels where support is at $62.85-$61.80 levels.
Domestic crude prices were also traded higher this Thursday morning and remained higher in early afternoon trade, tracking overseas prices.
Technically, MCX Crude Oil March is trading near 4575 levels indicating upside momentum where it could trade in a range of 4520-4640 levels.
Strategy for Crude Oil March for the rest of the session will be Buy on dips near 4540, with a stop loss at 4510 and a target at 4620.
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