Crude oil weekly forecast 24-28 Feb. 2014

MCX Crude oil weekly forecast, price analysis, outlook, technical analysis,charts and tips for 24 February to 28 February 2014.

MCX Crude oil daily chart technical analysis

Mcx crude oil future on last session closed at 6359 with loss. On daily chart crude oil price trend and momentum both are bullish and expect higher levels this week.

For the week, crude oil future support zones are 6150 and then 6050 while on upside expect strong resistances at 6400 and 6550 levels. 6150 is month average zone while 6050 is 3-month average zone. Both will serve as closing basis support levels.

Daily chart indicators are in overbought zones but with bullish divergences.

For next week, traders above 6050 keep buy on dips view. As prices are in overbought zones expect some correction and then trend will resume for new high.

MCX Crude oil weekly chart technical analysis

Mcx crude oil future this week closed with 2.6% gains. This week crude oil high was at 6437 while low was at 6210. Total 230-rupee weekly range or 4% volatile range and closing with gains.

This was sixth gaining week for crude oil future and in these 6 weeks we seen price appreciation from 5700 to now 6400. Therefore, 700 rupee or 12% gains in 1 and ½-month period. Weekly chart price trend and momentum is strong bullish and indicators pattern suggesting strong Bull Run ahead.

From medium to long term view, crude oil support zones are 6100 and then 5900 while on upside expect strong resistances at 6550 and then 6800.

Swing traders and investors keep long view and above 5900 keep buy on dips view for target 6550 and then 6800 on upside.

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Updated: 24/02/2014 — 9:43 AM

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Pramod Baviskar

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