Crude oil daily chart technical analysis
Crude oil future on last trading session rallied more than 3% and closed at 6305. On daily chart, crude oil is trading above its short term averages with intact uptrend. Last move below 6150 was bear trap which resulted in boost in prices. Daily chart indicators patterns are also suggesting reversal.
For next week, mcx crude oil support zones are 6280 and then 6170 while on upside expect strong resistances at 6400 and then 6550.
Traders above 6170 keep buy on dips view for oil future and expect higher targets of 6400 and then 6550 in next week.
Crude oil weekly chart technical analysis
Crude oil future this week closed with 1% loss. This week crude future hit high at 6550 while low was at 6110. Total 440 rupee or 8% plus weekly range and closing with loss as profit booking hit the market.
Oil future weekly chart trend and momentum are still intact on bull’s side. Moreover, this week it touched its 6-month average and closed above it which is bullish sign for prices.
On weekly chart, 6120 is crude oil 6 month average level while 5980 is its 12-month average level both will be strong support zones form medium to long term view.
On upside, 6400 and 6600 are strong resistance levels and still as target zones on chart. Weekly chart indicators pattern are bearish.
Investors above 5980 keep buy on correction view for targets 6400 and then 6600 in upcoming weeks.