For month of September, mcx crude oil future opened positive and closed at 3022 with gain in last trading session. On chart 3055 is major hurdle and below it crude oil future will remain weak and sell for lower targets.
On daily chart setup, mcx crude oil future is trading above 5 days average of 3010 but still below 3050 level which is 20 and 50 days average level and strong resistance zone. Daily chart RSI is now at 47 with recovery pattern while MACD is -16 and with sell signal given around 3165 levels. We saw low of 2950 2-3 days back and now prices retracing towards resistance zone. Traders here watch 3055 level as make or break level. Below it crude outlook will remain weak and sell for downside targets of 2875 and 2755. If gives breakout above 3055 then expect short term uptrend and bullish targets of 3170 and above.
Mcx crude oil future this week closed at 3022 with loss. This was fifth losing week for oil prices. This week saw crude oil future high at 3059 while low was at 2935. Almost 130+ points range and negative closing on profit booking.
Mcx crude oil weekly chart price trend and momentum both are down. Prices are trading below all short term averages with bearish price patterns. Prices are in downtrend and given breakdown below 3100 level. On upside 3065 is 5 and 3100 is 20 weeks average level and 3151 is 50 week average level and strong resistance zone. Weekly chart RSI is at 45 with bearish pattern and MACD is -52 and with topped out pattern suggesting fall for crude oil prices in medium terms.
From long term view, mcx crude oil future had given bearish breakdown below 3050 levels and turned bearish for 2017. After making bottom at 2730, given swing high around 3250 and now hovering round 3055. If hold 3055 then medium term upside targets of 3400 then 3600 and last 4300. But fails to sustain 3055 level on weekly closing basis then expect previous low of 2700 and then possibly 2400 on downside.
In last 7 month 6 months were losing months for oil prices which reflects bearishness of the market towards this energy commodity. And in august we saw 300 rupee range and strong negative closing for crude future. In September opened bullish and trading with flat gains. Monthly chart price channel also showing downside target of 2700 rupee if trade below 3065 level.