Crude may show a pull-back near 73 dollar

Edited : on 18-June-2021, 19:00 PM

Crude has hit the target and gone slightly below the $70 . Currently trading above $70 and a retrace up to 71.40 is expected in today's session. Traders may go short on higher level in next month contract on MCX.    

Crude rally is likely to take  a rest and may show a correction from these levels which is currently trading near 72.25 level. Today's made a high of 72.82. On MCX, June month expiry is near and positions are shifting in next month contract. In my view in next month (July) crude may show a pull-back before going towards 75$. I would suggest to book long sides positions and go short in light quantity. Target will be near 70$ and stop-loss 73$. This is just a trading view for few days.