Crude oil Trend analysis 26 to 30 May 2014
Crude oil daily chart technical analysis
Crude oil future on last trading session closed at 6120 with gain. On daily chart, crude has given bullish breakout above its 3-month average and now trend is positive and expect higher tops and bottom cycle for next week. On downside, 6100 and 5980 will remain as strong support zones. 6100 is 3-month average level. On upside 6240 and 6350 are strong resistances as well as targets for next week. Indicators pattern are bullish and suggesting buy on dips view.
Traders above 6070 keep buy on dips view with strict stop loss for targets 6240 and then 6350 in next week.
Crude oil weekly chart technical analysis
Crude oil future this week closed with heavy gains of 2.27%. This week crude has taken support of its 12-month average and given closing above 6-month average with sharp breakout on both price and volume. This week crude future hit high at 6140 while low was at 5963. Total almost 200-rupee range or 3% volatility swing and closed with 2.27% gains. This week move was buy signal for investors for targets 6400 and then 6550. From medium to long-term view, 6000 and 5700 are strong support zones on downside. 6000 is 12-month average and 5700 is 24-month average level. On upside 6400 and 6550 are strong resistances. Weekly chart indicators pattern are bullish so investors above 6000-rupee level keep buy, accumulate view for crude, and expect targets of 6400 and then 6550 in upcoming weeks.