Crude oil daily chart technical analysis
Crude oil future on last trading session closed at 6371 with gain. On daily chart, crude oil future price trend and momentum both are strong bullish. Oil future is trading above its short term averages with bullish divergences on indicators.
For next week, mcx crude oil future support zones are 6250, which is crude oil 1 month average while 6150 is next support and 3-month average level. On upside 6450 and 6600 are strong resistances as well as targets zones for next week.
Traders above 6250 keep buy on dips view and for target 6450 and above.
Crude oil weekly chart technical analysis
Crude oil future this week closed with flat gains. This was seventh week of gains for oil future and almost rallied 800 rupee in these seven weeks. This week crude oil future high was 6275 while high was 6421. Total 150 rupee or almost 2% range and closing with gains.
On weekly chart, 6100 is crude oil future 6-month average level and 5950 is 12-month average level. Both will be strong support zones and investors above 5950 keep buy on dips view. On upside 6800 and 7300 are strong resistances and remain as long-term targets zone for crude oil future.