MCX Crude oil daily chart technical analysis
Mcx crude oil future on last trading session closed at 6121 with gain. On daily chart, crude future trend and momentum both are down. Prices are trading below month and 3 month averages with recovery patterns on indicators.
For next week, crude oil future resistance levels are 6160 and then 6300. 6160 is month and 3-month average zone and major resistance for short terms. On downside, 5980 and 5800 are strong supports as well as previous bottoms. RSI is at 48, off the lows while CCI is +6, and above zero.
Traders below 6160 keep bearish view and expect downside targets of 5980 and below. If gives daily closing above 6160 then only go long with stop loss.
MCX Crude oil weekly chart technical analysis
Mcx crude oil future this week closed with gains of 1.21%. This week crude hit low at 5956 while high was at 6135. Total 180 rupee or 3% weekly swing and closed with gain. On weekly chart, crude had taken support of its 12-month average and closed with gains.
From medium to long-term view, crude future support zones are 5980, which is 12-month average, and then 5600, which is its 2 years average level. On upside 6160 is 6-month average and first resistance and 6400 will be next one.
Weekly chart, RSI is 52 and given fresh reversal signal. CCI is +104 but with bearish divergence.
Here watch weekly closing above 6160 for fresh buying opportunity and if close below 5980 then go short for deep downside target up to 5600.