MCX Crude oil weekly analysis 17-21 February 2014

MCX Crude oil daily chart analysis

MCX crude oil future last closed at 6198 with loss. On daily chart mcx crude oil price trend and momentum both still strong bullish, Trading above its month and 3-month averages. For next week, crude oil future support zones are 6100 and then 5980 while on upside expect strong resistances at 6280 and then 6400.

Crude oil indicators on daily chart are in overbought zones so expect some correction, support testing and consolidation and then rally will resume its bull trend.

Short-term traders keep long view for crude oil and trail closing basis stop loss below 6050.

MCX Crude oil weekly chart analysis

MCX crude oil future this week closed with gains. This was fifth gaining week for oil future and in these five week we seen price run from lows of 5600 to almost 6300 in this week. 700 rupee or almost 12% gains in very short time.

This week mcx crude oil hit high at 6280 while low was at 6156. Almost 1%+ weekly swing and closing with gains.

On chart, mcx crude oil still is trading above its all medium to long-term averages. 6050 is crude oil 6 month average while 5900 is its 12-month average zone. On upside 6250 and then 6500 are strong resistance levels as well as targets for upcoming weeks.

Swing traders and investors with weekly closing basis stop loss below 6050 keep long view and expect 6250, which is already achieved, and then 6500 in upcoming weeks.

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Updated: 16/02/2014 — 11:42 PM

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Pramod Baviskar

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