Crude oil weekly outlook 2 to 6 June 2014
Crude oil daily chart technical analysis
Mcx crude oil future on last trading session closed at 6108 with loss. On daily chart crude future closed at major average with bearish indicator patterns on chart. From short-term view, crude future has support at 6100 and 6000. 6100 is its 3 and 1 month average zone while on upside 6200 and 6330 are strong resistances. For next week, crude out looks is bearish and traders here keep wait and watch strategy.
Crude oil weekly chart technical analysis
Mcx crude oil future this week closed with loss. This week crude oil future hit high at 6198 while low was at 6055. Total 150-rupee weekly range or 2% plus volatility and closed with loss. From medium to long-term view, 6000 rupee is first support at 12-month average and 5700 is 24-month average and long-term support level. On upside 6200 and 6450 are strong resistances. Crude oil weekly chart indicator patterns are mixed.
Investors above 6000 rupee keep buy on dips view for crude future.