Mcx crude oil future this week closed at 3241 with loss. This was first losing week for crude oil prices after last 4 weeks rally. This week saw crude oil future high at 3354 while low was at 3223. Almost 125+ points range and negative closing on profit booking.
Mcx crude oil weekly chart price trend is bullish but momentum is losing out on profit booking. Prices are trading at 5 weeks average level while on downside 3166-3150 is 20 and 50 weeks average levels and major support area on weekly chart. Weekly chart RSI is at 53 with bearish divergence and MACD is 11 and with bullish divergence.
For month of October, mcx crude oil future opened strong above 3280 support zone. But profit booking hit and we saw breakdown below 32800 support and low of 3223 this week. For next week, below 3280, mcx crude oil future will remain weak and sell for downside targets 3090 and below. If gives reversal and sustain above 3280 then that will be reversal rally buying opportunity for bullish swing targets 3575 and above.