Crude Oil future daily chart technical analysis
Crude Oil future on Friday closed at 3849 with huge gain. On daily chart Crude Oil future price trend is very bearish but now momentum is building on long side on account of value buying as well as short coverings. We saw crude made low around 3465 and still holding it.
For month of December, mcx crude oil above 3465 will remain buy on dips with strict stop loss and traders can expect 3985 rupee target for this energy commodity. If gives breakout above 3985 then expect big short covering rally and targets of 4500 and above.
Crude Oil future weekly chart technical analysis
Mcx crude oil future this week closed at 3849 with gain. This was first gaining week for crude oil future after last 8 weeks continues sell off and in this week we saw rally from 3560 to high of 3867.
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. And crude oil taken support at 3470 and now inching towards 4200 & 4500 levels on weekly chart.
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