Crude oil technical analysis 19 to 23 May 2014
Crude oil daily chart technical analysis
Crude oil future on last trading session closed at 5984 with loss. Crude oil price trend and momentum on daily chart are bearish and indicators pattern suggesting it may continue in next week. For next week, crude oil support zones are 5950 and then 5780. While on upside 6060 and 6100 are strong resistances. 6060 is 1-month average level and 6100 is 3-month average level.
Traders below 6100 follow sell on rise view and keep targets at 5950 and then 5780. 6060 was best short entry zone with stop loss above 6100 and for target 5950 and below.
Crude oil weekly chart technical analysis
Crude oil future this week closed flat negative. This week crude future hit high at 6109 while low was at 5956. Total 150-rupee range or almost 3% weekly swing and closed with loss. Crude is closed just below 12-month average and heading towards 24-month average. From medium to long-term view, crude future has strong resistances at 6000 and 6110. Which are 12 and 6-month averages levels respectively. On downside, 5700 and 5450 are strong support zones and targets for upcoming weeks. Weekly chart indicators are bearish with fresh sell signal in this week.
Traders and investors keep short view for crude future with stop loss above 6110 and for target 5700 and below in medium terms.