Crude oil forecast 31 March to 4 April 2014
Crude oil daily chart technical analysis
Mcx crude oil on last trading session closed at 6115 with loss. On daily chart, crude closed at its 1 month and 3 month average zone with strong recovery patterns on indicators.
For next week, crude future support zones are 6040 and 5980 while on upside 6130 is major averages resistance and above it, 6240 will be next resistance level. Traders here follow wait and watch strategy for breakout or reversal move, and then take position with strict stop loss. As indicators are bullish, expect more chances of bullish breakout for target 6240.
Crude oil weekly chart technical analysis
Mcx crude oil this week closed flat negative. On weekly chart, crude future price trend is bullish with mixed indicators patterns. Crude had taken support of its 12-month average and moving upside.
From medium to long-term view, crude now has support at 6000, which is its 12-month average, and below it, 5600 is its 2 years average and last support on chart. On upside 6240 is first resistance and 6400 will be second one.
Investors above 6000 keep long view for crude future and expect targets of 6240 and 6400 in upcoming weeks.