Crude Oil MCX Future - Intraday Technical Analysis - 29 Sept.

CRUDEOIL1! Crude Oil is trading at 5,829, pulling back after a sharp rally and currently consolidating near neutral support-resistance confluence zones.

Bullish (Long) Setup
Long Entry (5,931):

Go long on breakout above 5,931. This confirms trend continuation beyond local resistance after the recent up-move and offers room for intraday expansion.

Additional long setups can be initiated near 5,824 with a tight stop if price finds support above this add-long position on minor dips.

Upside Targets:

5,843 (Target 1): First supply, locally mapped resistance, ideal for partial profit booking.

5,991 (Target 2): Next marked extension, testing session highs and broader range resistance.

Stop Loss:

Use below 5,805 or 5,790 to capture failed breakouts or pullbacks without excessive drawdown.

Bearish (Short) Setup
Short Entry (5,805):

Initiate shorts below 5,805, confirming breakdown of support that would shift control to sellers.

Downside Targets:

5,735 (Target 1): Historical bounce area and first profit zone for shorts.

5,675 (Target 2): Lower mapped support and logical session extension target.

Stop Loss:

Cover shorts if price returns and sustains above 5,824 to avoid sharp reversals.

Neutral/Range Logic
Neutral Zone (5,833):

Acting as a pivot; trading near this level can be choppy. Await breakout above 5,931 or breakdown below 5,805 for directional clarity.

This approach ensures systematic, risk-managed trading for both trending and reversal trades in MCX Crude Oil intraday.

Follow Chart Pathik for more such insights on Crude Oil MCX Future on day to day basis.