Crude oil watch: Brent and MCX crude futures could rise further

Brent crude futures rose 2.4% last week to $104.70 per barrel, forming a higher low after rebounding from trendline support, and could test resistance at $110. If they break through, prices could rise to $115. MCX October crude futures were then trading at 8,881 rupees per barrel, with support at 8,500 rupees holding firm; a break above resistance at 9,000 rupees could put 9,750 rupees in sight. The strategy suggests buying at the current price, setting a stop-loss at 8,300 rupees, and exiting at 9,750 rupees.