Brent futures ($112.2)
Brent crude oil futures, after opening with a gap-up last Monday, reversed direction and declined in the same session.
However, it managed to stay above the $100-mark. It then recovered in the subsequent sessions to hit a high of $119.13 for the week on Thursday before closing at $112.2 on Friday.
The chart shows that the trend remains bullish and there is a chance for the contract to touch $124 in the near term. A breakout of this can take it higher to $130.
On the other hand, if the support at $100 is breached, Brent crude futures can decline to $95 and $88, its 21-day moving average.
MCX-Crude oil (₹9,258)
Crude oil futures (April) posted a weekly gain of 3.5 per cent. However, the price movement through the week shows that the trend was flat and the weekly gain was largely due to the rally on Friday.
However, the broader trend is positive and a weekly close above ₹9,000 substantiates the same. Going ahead, we can expect the contract to rally to ₹10,300. A breach of this can take crude oil futures to ₹10,800.
But if the price drops from the current level, the contract can find support at ₹8,500 and ₹8,000. A breakdown of the latter can lead to a deeper fall, possibly to ₹7,000.
Nevertheless, as it stands, the outlook is positive.
Trade strategy: Go long at ₹9,000 with a stop-loss at ₹8,300. On a rally to ₹10,000, revise the stop-loss to ₹9,500. Book profits at ₹10,300.
Published on March 21, 2026