Crude Oil future technical analysis for 19 to 23 November 2018.
Crude Oil future daily chart technical analysis
Crude Oil future on Friday closed at 4054 with loss. On daily chart Crude Oil future price trend and momentum both are very bearish. We saw breakdown below 5150 and then free fall up to almost 4000.
Crude Oil future on chart trading way below all short term averages suggesting underlying bearishness of this market. On chart, crude oil 5 days average is around 4175 and above it 4800 is 50 and 100 days averages strong hurdle. Crude oil daily chart stochastic is oversold but still looking bearish while MACD is way below zero with bearish divergences.
Crude oil future hit November sell targets of 4600 and then 4300 and now inching lower in super bearish trend towards next support as well as target levels of 3750 and 3450!
Crude Oil future weekly chart technical analysis
Mcx crude oil future this week closed at 4055 with loss. This was sixth losing week for crude oil future. In these 6 weeks crude oil future tumbled from 5600 to 4000 means almost lost 1600 points or 29% from the top!! Means crude oil technically entered bear market. Crude oil future trading below all major weekly averages, on upside 400 is 5 & 50 weeks average level and above that 4770 is 20 weeks average zone. These levels will remain as strong hurdles.
Crude oil future weekly chart stochastic is entered oversold zone but still with bearish crossover. Weekly chart MACD is below zero and with bearish divergences.
From medium to long term view, mcx crude oil hit all investment targets of 4200& then 4600 then 5350 and almost hit last investment target of 5700. Now correcting towards supports. Below 4200 expect deeper correction towards historical support of 3470.
For genuine Crude Oil future tips with support and follow ups, subscribe to our Crude Oil advisory services.
Share It
BLOG AUTHOR
Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
0 comments:
Post a Comment