1) Crude Oil has gained momentum on Friday gaining further strength on the upside. The cues are strong from the rising demand in West as it comes out of Cold Weather prevailing in the Northern American countries and Europe.
2) Open Interest in Crude has increased by 21% on Friday. The price went up by 1%. Volumes sustained around 1 Month average which is a bullish sign as it is not showing signs of abate.
3) On the technical charts, Crude is trading above the moving averages. This move likely to find first hurdle around 6260 where stands the previous high made in the last week of December.
4) Positional traders can go long around 6180 if it consolidates around 6180-6220 Rs levels. One may put stop-loss at 6060 Rs where stands the previous low and target level at 6360 where exists the multiple peaks made during the last year.
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