Silver rebounds after sell-off, Crude oil consolidates for six straight weeks; check today's trade setup

Market recap (as of 8:00 pm)

• Gold 5 Feb Futures: ₹76,185/ 10 gram (▼ 0.31%)
• Silver 5 March Futures: ₹88,959/ 1 kg (▲ 0.64%)
• Crude Oil 17 Jan Futures: ₹5,903/ 1 BBL (▼ 0.59%)

Technical structure

For the upcoming sessions, traders can monitor the six week long consolidation range of $73 to $67 of West Texas Intermediate (WTI). Unless it breaks this long consolidation, the trend may remains sideways.

The open interest (OI) data of the 15 January expiry sustains highest call options OI at the 6,000 strike, indicating resistance for the crude oil around this zone. On the flip side, the put base was seen at 5,900 strike with relatively low volume, suggesting some support for crude around this area.

Disclaimer:

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