Crude oil daily chart technical analysis
MCX Crude oil future on last trading session closed at 6131 with huge loss. Now daily chart price trend and momentum both are bearish for oil future. From short-term view, 6150 and 6200 are strong resistances on chart. 6150 is 3-month average and 6200 is 1-month average. On downside, 6050 and 5980 are strong support zones. Daily chart indicators patterns are bearish with rounding top suggesting downside for prices.
For next week traders below 6200 keep, sell on rise view for targets 6050 and then 5980.
Crude oil weekly chart technical analysis
MCX Crude oil future this week tumbled by 2.5%. This was second losing week for crude. This week crude oil hit high at 6320 while low was at 6125. Total 200 rupee or 3% plus weekly volatility and closed with deep loss. Weekly chart oil future price trend is bullish but momentum is weak. From medium to long-term view, 6000 rupee if first support of 12 month average and below it 5650 is next support of 2 years average level. On upside 6200 and 6450 are strong supply zones. 6200 is 6-month average level. Weekly chart indicators pattern turn corrective so expect crude to test 6000-rupee level in upcoming weeks.