MCX Crude oil weekly outlook 10-14 Feb. 2014

mcx crude oil daily chart

MCX Crude oil daily chart analysis

Mcx crude oil future last closing was 6161 with gain. On daily chart mcx crude oil future price trend and momentum is bullish. Trading above its all short-term averages and heading towards previous major tops.

For next week, mcx crude oil future outlook is very bullish and we may another 2-5% rally here. From short-term view, mcx crude oil support zones are 6050 and then 5900 and remain important on daily closing basis. On upside expect strong resistance from market at 6250 and then 6400.

crude oil Shot term traders above 6050 on closing basis, keep buy on dips trading strategy and expect much higher targets for crude oil as Nynex is building heavy bullish rally pattern on chart.

mcx crude oil weekly chart

MCX Crude oil weekly chart analysis

Mcx crude oil future this week closed flat though that was 4th positive week for crude oil prices. Prices are trading above all medium to long-term averages suggesting strong demand in market and speculative buying.

mcx crude oil medium to long-term perspective, major support zones are 6050 and then 5880. While on upside expect strong resistance area around 6300 and 6650. All these levels will remain important on weekly closing basis.

Swing traders and investors must hold longs in crude oil future and keep first target at 6400, which is expected in next 2-4 weeks period.

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Updated: 09/02/2014 — 6:30 PM

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Pramod Baviskar

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