Crude Oil future daily chart technical analysis
Crude Oil future on Friday closed at 3576 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 3400 and hit all my bearish targets in November.
Crude Oil future on chart trading way below all short term averages suggesting underlying bearishness of this market. But now look like formed bottom around 3450. Crude still in bearish zone but might bounce back towards 3985 levels on value buying as well as short covering rally.
For Crude oil future in December, 3985 is crucial level to watch. Below it will continue its downtrend and might show record low levels of 3050 and then possibly 2550. But if gives breakout above 3985 then expect sharp and strong short covering rallies up to 4500 to 5440. Traders with long positions crated on lower levels keep strict stop loss around 3450 and expect target of 3985 in upcoming weeks.
Crude Oil future weekly chart technical analysis
Mcx crude oil future this week closed at 3576 with loss. This was eighth losing week for crude oil future. In these 8 weeks crude oil future tumbled from 5600 to almost 3400 means almost lost 2200 rupees or almost 40% from the top!! Means crude oil technically entered bear market. Crude oil future trading below all major weekly averages with oversold indicators and oscillators. So expect bounce back ahead. 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. Then on correction hit all these level on downside and now hit historical support of 3470. Below 3470, long term trend become bearish and levels up to 3050 to 2350 are possible but above it expect upside towards 4200 to 4500 rupee levels.
Crude Oil future monthly chart technical analysis
Mcx crude oil future in November tumbled from 4860 to 3460 means 1400 rupee drop. This was second losing month for crude prices and in these 2 months lost almost 2200 or 40% from the top. Here 3470 is crucial long term level to watch above it expect 4200 to 4500 again on value buying. But if lips below 3470 then bearish market become more intense and levels up to 3050 to 2350 can be expected for crude oil market.
For genuine Crude Oil future tips with support and follow ups, subscribe to our MCX 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