Last Update: 16 June 2026, 7.00 AM
Crude Oil Outlook Today
Bullish Above: 8,000
Bearish Below: 7,500
Expected Range: 7,500 – 8,200
Best Trade Today: Buy 8000 CE above 8,000
Crude Oil Levels Today: Support, Resistance, Option Chain & Trade Setup
Crude oil is trading below $82 per barrel after a sharp fall of nearly 5% in the previous session. The market is waiting for more clarity on the reported U.S.-Iran peace agreement, which may reopen the Strait of Hormuz and restore smoother oil flows from the Persian Gulf.
However, traders remain cautious as neither Washington nor Tehran has released the final text of the agreement. Shipping companies are also waiting before resuming normal movement through the route. This keeps crude oil volatile despite the recent fall.
Today’s bias remains cautious. A move above 8,000 may trigger short-covering, while a break below 7,500 can again weaken sentiment.
Key Crude Oil Levels Today
| Level | Price |
|---|---|
| Support 1 | 7,500 |
| Support 2 | 7,000 |
| Pivot | 7,800 |
| Resistance 1 | 8,000 |
| Resistance 2 | 8,500 |
Chanakya View
👉 Above 8,000: Buy 8000 CE for targets of 8,200–8,500.
👉 Above 8,500: Fresh momentum may trigger a move toward 9,000.
👉 Below 7,500: Profit booking may emerge towards 7,000.
👉 Between 7,500–8,000: Expect consolidation and premium erosion.
Crude Oil Option Chain Strategy Today – 16 July Expiry
Today’s Options Trade Setup
| Instrument | Trade | Buy Zone | Target | Stop Loss |
| Crude Oil 8000 CE | Buy Above Breakout | Rs. 230 – 250 | Rs. 320 / 420 | Rs. 175 |
| Crude Oil 8500 CE | Buy on Momentum | Rs. 140 – 160 | Rs. 220 / 300 | Rs. 105 |
| Crude Oil 7500 PE | Buy Below Support | Rs. 380 – 410 | Rs. 520 / 650 | Rs. 300 |
Why This Trade?
• Crude oil is trading below $82 after a sharp correction in the previous session.
• The U.S.-Iran peace agreement has reduced immediate geopolitical panic, but uncertainty remains high.
• Strait of Hormuz reopening news is bearish for crude if confirmed.
• Option chain shows heavy Call OI at 8000, 8500, 9000, 10000 and 11000 strikes.
• Put OI is concentrated at 7000, 7500, 6500 and 6000, suggesting downside support zones.
• The 7500–8000 band is the key battleground for short-term traders.
• Fresh direction may emerge only after crude breaks decisively above 8,000 or below 7,500.
Support and Resistance
| Type | Levels |
| Immediate Support | 7,500 – 7,000 |
| Strong Support | 6,500 – 6,000 |
| Immediate Resistance | 8,000 – 8,500 |
| Strong Resistance | 9,000 – 10,000 |
Key Levels
| Level Type | Price |
| Pivot Point | 7,800 |
| Downside Trigger | 7,500 |
| Upside Trigger | 8,000 |
| Major Resistance | 8,500 |
| Strong Support | 7,000 |
▶ PCR Analysis Today
| Strike | PCR Interpretation |
| 7000 | Strong Put Support visible |
| 7500 | Major OI battleground |
| 8000 | Strong Call Resistance |
| 8500 | Heavy Call Writing Zone |
| 9000 | Major Resistance Zone |
| 10000 | Long-term Call Resistance |
Bias: Neutral to weak below 8,000, recovery only above 8,000.
▶ Max Pain & Execution Plan
Max Pain Today
| Metric | Level |
| Max Pain Zone | 7,500 – 8,000 |
Execution Plan
| Condition | Action |
| Above 8,000 | Buy 8000 CE |
| Above 8,500 | Buy 8500 CE |
| Below 7,500 | Buy 7500 PE |
| 7,500 – 8,000 | No Trade Zone |
▶ Technical View Today
| Indicator | Signal |
| Momentum | Cautiously Weak |
| Crude Price | $81.01 |
| Daily Change | +0.33% |
| Trend Driver | U.S.-Iran Deal Clarity |
| Resistance Zone | 8,000 – 8,500 |
| Support Zone | 7,500 – 7,000 |
| Volatility | High |
| Risk Factor | Strait of Hormuz News Flow |
▶ Pro-Level Upgrade (What Big Players Do)
• Avoid aggressive buying until crude sustains above 8,000.
• Use rallies near 8,500–9,000 for profit booking unless fresh geopolitical risk emerges.
• Below 7,500, bears may again target 7,000.
• Traders should track official confirmation of the U.S.-Iran agreement.
• Keep strict stop losses as crude may react sharply to any Strait of Hormuz update