Crude Oil prices recovered in the previous week after closing in red for two con-secutive weeks. Prices once again managed to close above support of Rs 6040/bbl odd levels, which is a bullish sign for the counter. Rs 6135/bbl is next resistance for crude oil prices, breach of which may attract more strength in the counter. RSI (14) is trading at 44 on daily charts, an indication of equilibrium state.
Prices have formed a strong base around Rs 5950/bbl levels and as long as the counter is trading above the same, traders may keep holding long positions. However, a close below Rs 5950/bbl odd levels might drag it lower to-wards Rs 5790-5800/bbl range.