Crude oil prices saw considerable volatility last week. Brent crude oil futures on the Intercontinental Exchange (ICE) ($105.30/barrel) was down 6.1 per cent whereas crude oil futures in the domestic market (₹9,395/barrel) gained a marginal 1.5 per cent.
Brent futures ($105.30)
Brent crude oil futures tumbled over 10 per cent last Monday. It then slipped further to a low of $93.45 on Wednesday. At that point the bears gave up and the bulls took over again, leading to a rally in the second half of last week.
Aiding the rebound was the support band of $93.50-95, where the 21-day moving average coincides. So long as this price region stays relevant, the trend will remain bullish.
Brent crude futures is expected to rally from the current level of $105.30 to touch $124, a key price level. A breakout of this can take the contract to $130.
MCX-Crude oil (₹9,395)
Similar to Brent crude futures, MCX crude oil futures (April) lost about 10 per cent last Monday. But it recovered from the low of ₹8,072 made on Monday and reclaimed the ₹9,000-mark in subsequent sessions. This shows that the bulls only faced a temporary setback.
The chart denotes that the contract has a support at ₹8,000 and the 21-day moving average lies at ₹8,200, effectively making the price band of ₹8,000-8,200 a demand zone. Hence, bulls are expected to be in charge until ₹8,000 holds well.
We expect crude oil futures to rally to ₹10,300 soon. A breakout of this can take it further higher to ₹10,800.
Trade strategy: Go long at ₹9,000 and ₹8,600. Stop-loss can be ₹8,000. On a rally to ₹10,000, revise the stop-loss to ₹9,500. Book profits at ₹10,500.
Published on March 28, 2026
