Crude Oil Setup: Trade Like a Pro

Conversely, unexpected surges in US shale production can flood the market, triggering sharp declines. Economic data, such as inflation reports and GDP growth, act as barometers for global demand, dictating the ebb and flow of crude oil consumption.

Beyond these macro-level influences, traders must also consider the nuances of futures contracts themselves. Roll-over dates, storage costs all play crucial roles in price fluctuations. Furthermore, the increasing prominence of alternative energy sources adds another layer of complexity.

Our price action analysis of Crude Oil Futures indicates a potential bullish reversal from the identified Point of Control (POC) at ₹5,970. This observation is based on a comprehensive review of recent price movements, volume analysis, and key support levels. The POC, representing the price level with the highest traded volume, often acts as a significant pivot point, attracting both buyers and sellers. The observed price action suggests a build-up of buying pressure at this level, signaling a potential shift in market sentiment towards our target price of ₹6,275.