Mcx crude oil future this week closed at 3290 with gain. This was third gaining week for oil prices. This week saw crude oil future high at 3312 while low was at 3158. Almost 170+ points range and strong positive closing on fresh buying.
Mcx crude oil weekly chart price trend and momentum both are strong bullish. Prices are trading above all short term averages. On upside 3165 is 5 and 3155 is 20 weeks average level and 3120 is 50 week average level and strong support zones. Weekly chart RSI is at 56 with bullish pattern and MACD is -17 and with bullish divergence and continues with log term buy signal at 2950 level.
From long term view, mcx crude oil future had given bearish breakdown below 3050 levels and turned bearish for 2017. After making bottom at 2730, given swing high around 3250 and now hovering round 3055. If hold 3055 then medium term upside targets of 3400 then 3600 and last 4300. And this week saw high of 3312.
In last 7 month 5 months were losing months for oil prices which reflects bearishness of the market towards this energy commodity but now prices coming off the low and entered long term bullish zone for upside targets. In September mcx crude oil recorded low at 2984 while high was at 3312, so total almost 325 rupee big bull candle on monthly chart.