MCX Crude oil weekly report 17 to 21 march 2014

MCX Crude oil weekly report, forecast, predictions,  price analysis, technical analysis,charts and tips for 17 to 21 March 2014. 

MCX Crude oil daily chart technical analysis

Mcx crude oil on last trading session closed at 6051 with gain. On daily chart, crude oil price trend and momentum both are down. Crude is trading below its short term averages with bearish patterns on indicators.

For next week, crude oil support zones are 6000 and 5800 and if trend continues then it will be targets for next week. On upside, 6150 is its 3-month average level and first resistance zone above that 6210 is month average and next resistance. Below 6210, keep sell on rise view for target 6000 and 5800.

MCX Crude oil weekly chart technical analysis

Mcx crude oil future this week tumbled by 4%. On weekly chart, this was second losing week for oil prices and in these 2 weeks crude tumbled from 6500 to 6000. Total 500 rupee or 8% loss in very short time and correction continues as prices heading toward major averages.

From medium to long-term view, 5980 is 12-month average and first support zone for upcoming weeks. Below that, 5600 is 2 years average zone and last support. On upside 6200 is 6 month average and first resistance and above that 6400 will be next resistance and previous top. Weekly chart indicators pattern are bearish suggesting correction may continue for upcoming weeks.

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Pramod Baviskar

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