Crude oil forecast for week 21 to 25 April
Crude oil daily chart technical analysis
Crude oil future on last trading session closed at 6287 with gain. On daily chart, crude future price trend and momentum both are bullish. Oil future is trading above all short term averages with bullish indicator patterns. From short term view, crude oil support zones are 6180 which is 1 month average level and below it 6150 which is its 3 month average level. On upside 6300 and 6420 are strong resistances as well as short term targets. Daily chart RSI is at 55 with bullish divergence and CCI is +66 and heading towards +100 levels with bullish divergence.
Traders above 6150 keep buy on dips view for targets 6300 to 6420.
Crude oil weekly chart technical analysis
Crude oil future this week closed in red with flat loss. This week crude future hit high at 6339 while low was at 6213. Total 120 rupee range or 2% swing and closed with loss on profit booking. Weekly chart price trend and momentum both are bullish.
From medium to long term view, crude future support zones are 6200, which is 6 month average, and 6000, which is 12 month average level. On upside 6300 and 6500 are strong resistances as well as target levels on weekly chart.
Weekly chart, RSI is at 54 with bullish divergence and CCI is +84 and heading for another breakout.
Investors above 6000 rupee level keep buy, accumulate strategy for crude oil, and expect targets at 6300 and then 6500.