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The daily price chart suggest that prices have given a breakout from a symmetrical triangle. Daily stochastic is building strength and prices are trading above short term averages. We expect prices to go up to levels of 5550 levels.
NYMEX nearly 1 per cent on crude oil is traded, the price is above 106 dollars a barrel. Grel 0.25 per cent in the last week, crude oil was down to Rs 5485. Oil traded near the highest level in two days in New York before data this week that may show a strengthening U.S. economy, signaling rising fuel demand in the world's biggest crude-consuming nation.
Futures were little changed after climbing 1.4 percent on March 23. Manufacturers in the U.S. probably received more orders for durable goods in February and consumer purchases climbed the most in five months, economists said data this week will show.
We recommend a buy around 5450 levels with a stop loss placed below 5380 levels for a target of 5550.
