MCX Crude oil daily chart technical analysis
MCX Crude oil future on last trading session closed at 6169 with gain. On daily chart oil, prices trend and momentum both are up. After breakout at 6000 level crude now showing consolidation near it. Crude oil is trading above all its short-term averages and heading towards 6100-6200 levels. Rupee weakness may put sharp recovery rally here. For next week, mcx crude oil support zones are 6000 and 5880 while on upside 6200 and 6450 are strong resistances. Crude oil is buy for next week with closing basis stop loss below 6000 for target 6200 to 6450.
MCX Crude oil weekly chart technical analysis
MCX Crude oil future this week closed with 1% gain. This was 3rd gaining week for oil future and in these 3 weeks period we seen rally from 5600 to 6100. Now crude is trading above its 6-month average and heading towards previous highs. From medium to long term view 5600 was fresh long entry point with price target 6200 and then 6500. 6200 already achieved now heading for 6500. Swing traders keep weekly closing basis stop loss below 6020 and wait for target 6500, which can happen in next 3-4 weeks time.
From medium term view, mcx crude oil supports are 6000 and 5700 while on upside 6200 and 6500 are strong supply points. Indicators are forming bullish pattern at bottom suggesting big Bull Run ahead. ?