1 week ago
Crude Oil Prices Rise as Bulls Target Higher Resistance Levels
Oil prices went up last week in both international and domestic markets.
Brent crude finished at $94.40 per barrel.
Domestic crude futures finished at ₹8,359 per barrel.
The analysis says buyers, called bulls, currently appear stronger than sellers.
Brent may rise toward $98 and possibly $101.
Domestic futures may move toward ₹8,600 and possibly ₹9,000.
Prices could fall if important support levels are broken.
The suggested trade is to buy at ₹8,200, limit losses at ₹7,900, and take profits at ₹8,800.
Brent crude futures rose 6.6% last week to close at $94.40 per barrel.
Domestic crude oil futures gained 7% and ended the week at ₹8,359 per barrel.
Brent broke above $91 and could reach $98 before targeting $101.
MCX crude oil futures surpassed ₹8,000 and face resistance at ₹8,600.
The suggested strategy is to buy September futures at ₹8,200, with a ₹7,900 stop-loss and ₹8,800 profit target.
- Who
- Traders and participants in Brent and domestic crude oil futures markets.
- What
- Crude oil futures extended their gains, with the analysis maintaining a positive outlook.
- Where
- Brent futures traded on the Intercontinental Exchange and domestic crude futures traded in the Indian market.
- When
- The week ending before publication on August 22, 2026; the report was published August 22, 2026.
- Why
- Prices rose after breaking through key resistance levels, indicating stronger bullish momentum according to the technical analysis.
Bullish outlook
Downside risks
Brent crude direction
Bullish outlook
Brent broke above $91, and the analysis says it could move through $98 toward $101.
Downside risks
A fall below $91 could send Brent toward $87.60 and $86.
Domestic crude direction
Bullish outlook
Domestic futures surpassed ₹8,000 and could rise above ₹8,600 toward ₹9,000.
Downside risks
A break below ₹8,000 could extend the decline toward ₹7,600.
Trading approach
Bullish outlook
The suggested strategy is to buy September futures at ₹8,200 and target ₹8,800.
Downside risks
The proposed ₹7,900 stop-loss defines the level at which losses should be limited.
Key facts
- Publication date
- August 22, 2026
- Brent closing price
- $94.40 per barrel
- Brent weekly gain
- 6.6%
- Domestic crude closing price
- ₹8,359 per barrel
- Domestic weekly gain
- 7%
- Brent targets
- $98 resistance, with a possible move to $101
- Domestic crude targets
- ₹8,600 resistance, with a possible move to ₹9,000
- Suggested trade
- Buy September crude futures at ₹8,200; stop-loss ₹7,900; profit target ₹8,800
Sources
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