IT stock jumps 5% after board approves increase in buyback price
Stocktwits - Crude oil futures are showing strength on the longer-term chart after crossing the 61.8% Fibonacci retracement of the previous swing, with the current market price at ₹6,430, according to SEBI-registered analyst Financial Sarthis.
While the breakout indicates bullish momentum, key technical hurdles lie ahead.
They noted that the next key resistance lies between ₹6,718 and ₹6,800, where an upside trendline, horizontal resistance, and Fibonacci levels converge.
On the downside, support levels are seen at ₹6,335 (swing support) and ₹6,390 (Fibonacci retracement).
The technical view comes as global crude benchmarks edged lower on Wednesday.
Brent crude declined by 0.5% to reach $76.10 per barrel, while WTI dropped 0.3% to $74.61 as traders evaluated potential supply risks from the Iran-Israel conflict.
Traders also assessed the economic implications of the upcoming Federal Reserve rate decision on oil demand.
Iran, the world’s third-largest oil exporter, with 3.3 million barrels per day, is in the spotlight.
OPEC+’s spare capacity could fill in if there are disruptions, but geopolitical risks are rising.
U.S. President Donald Trump called on Iran on Tuesday to “surrender,” and Israel has reported a shortage of interceptors, according to a report by the Wall Street Journal.