Crude oil forecast 9 to 13 June 2014
Crude oil daily chart technical analysis
Crude oil future on last trading session closed at 6057 with loss. Crude oil daily price trend and momentum are down. Crude is slipped below short-term averages but daily chart indicators pattern are bullish so expect trend change and breakout ahead. For next week, crude has support at 6000 and then 5950, which are previous swing bottoms. On upside 6100 and 6200 rupees are strong resistances and targets for next week. Traders above 5950 keep buy on dips view for target 6100 and then 6200.
Crude oil weekly chart technical analysis
Crude oil future this week closed with loss of almost 1%. This was second week of loss. This week crude has hit low around 6013 and high at 6159. Total 150-rupee range or almost 3% volatility and closed with loss. Crude weekly price trend and momentum both are bullish. On downside, 6000 rupee is 12-month average and first support zone and below it, 5700 rupee is 24-month average and next support zone. On upside 6200 and 6400 rupees are strong resistances. Weekly chart indicators patterns are bearish.
Investors above 6000 rupee keep long view on crude oil future.