MC:Crude running in secular bull trend, Safetrade suggests buy
N Prasad, chief executive officer, Safetrade Advisors is bullish on copper. He recommends buying MCX December contract around Rs 5,160 with a stop loss of Rs 5,120 for a target of new highs of Rs 5,250-5,240.
Citing his outlook on crude to CNBC-TV18, Prasad said,”Crude has been on bull’s radar for quite a long time. It is ninth week in India and it is running in a secular bull trend.”
Internationally, in the last two-three weeks after trading above USD 104 per barrel, it dipped to USD 95 per barrel and created a base. According to Prasad, crude is well set and technically well poised to close this week above USD 100 per barrel now trading currently at USD 99 per barrel.
