mcx crude oil price forecast for 6 to 10 may 2013

mcx crude oil price daily chart forecast

mcx crude oil future on last trading session closed at 5143 flat.on daily chart mcx crude oil is now in uptrend and with furious short covering momentum.on daily chart trading above all short term averages and on downside 5080 is first support and weekly average while below that 5045 is 3 month average level and strong short term support zone.while in last 5010 is month average and last support on daily chart for this uptrend.

on upside 5280 and then 5400-5500 will be tops and strong resistances from short term view.

mcx crude oil price weekly chart forecast

mcx crude oil future this week given 1.42% gaining run.this week mcx crude oil low was 4841 while high was almost 300 points volatility and continuation of uptrend after taking support of 2 years average.

on weekly chart,mcx crude is in absolute uptrend and momentum suggesting upcoming bull market for crude oil?on downside 5060 is 6 month average then 5000 is 12 month average and in last 4800 is 2 years average.on upside 5300 and 5450 are major resistances on weekly chart.on indicators mcx crude oil weekly cci is +2 with bullish divergence.while mcx crude oil weekly rsi is 52 and with fresh buy signal.

mcx crude oil price forecast for 6 to 10 may 2013

for next week,above 5045 expect 5280 and then 5400 as upside targets in short term.if slips below 5045 then exit all long and follow sell on rise view.

from medium to long term view,look like crude oil entered into bull market.and may be this time if sustain above 5400 then may show new highs near 5850?on downside 4800 was investment level while for now 5000 is trailing stoploss on weekly closing basis.

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Pramod Baviskar

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