Crude oil weekly tips 14 to 18 April 2014
Crude oil daily chart technical analysis
Mcx crude oil on last trading session closed at 6292 with gain. On daily chart, crude price trend and momentum both are bullish. Oil future is trading above short term averages with bullish indicators on daily chart. For next week, crude future support zones are 6130 and 6050. 6130 is 1 and 3 month bullish crossover level. On upside 6330 and 6420 are strong resistances as well as target zones for next week. Indicators pattern are bullish and suggest upside for oil prices.
Traders above 6130 keep buy on dips view for targets 6330 and then 6420 in next week.
Crude oil weekly chart technical analysis
Mcx crude oil this week closed with 3.5% gains. Crude oil weekly chart price trend and momentum both are bullish and prices are moving upwards after taking support of 12-month average, which was strong bullish signal. This week crude future hit high at 6311 while low was 6040. Total almost 300 rupee or 5% weekly swing for prices and closed with huge gains on short covering.
From medium to long-term view, crude support zones are 6000, which is 12-month average, and 5600, which is 2 years average. On upside 6400 and 6600 are resistances as well as targets for upcoming weeks.
Investors above 6000 keep buy on dips view for targets 6400 and above.