Short term - Technical Outlook
Crude Oil futures are currently trading near 8,000, showing a mild positive candle after opening at 7,923 and edging higher toward the session high of 8,015. The price has recovered sharply from the prior session's rejection from the 8,100 zone and is now attempting to consolidate above the 7,930–8,000 support band. The current candle reflects renewed buyer interest following the pullback, with price attempting to hold the gains of the recent rally.
The broader structure remains bullish, with a clear sequence of higher lows established over the recent sessions and price trading well above the prior consolidation base near 7,560. The sharp rally to the 8,100–8,215 zone has established a new short-term reference high, and the current pullback and consolidation above 7,935 preserves the bullish structure. A sustained close above 8,215 would confirm breakout continuation and invite upside extension toward 8,260 and beyond, while the 7,935–7,800 zone represents the critical support band that buyers need to defend to maintain the current bullish structure.
On the downside, immediate support lies near 7,935–7,800, followed by stronger structural demand at 7,560. A breakdown below 7,800 would signal a more meaningful corrective phase and invite pressure toward lower support levels, though the prevailing momentum continues to favour buyers on any dip while price holds above the 7,935 zone.
Short term Research Report Call
Buy Above: 8,215 | Targets: 8,260, 8,305 | Stop-loss: 8,170
Sell Below: 7,935 | Targets: 7,890, 7,845 | Stop-loss: 7,980