Crude Oil future daily chart technical analysis
Crude Oil future on Friday closed at 3236 with loss. On daily chart Crude Oil future price trend is very bearish and fresh bearish momentum is added after fresh breakdown below 3460 rupee level.
For month of December, mcx crude oil future below 3985 will remain weak and my sell targets are around 3055 and then possibly 2550. We saw low of 3186 in this week. Now 3460 is trailing stoploss and below 3385 keep sell on rise view and keep target at 3055 and if slips below 3055 then expect 2550 rupee level for crude oil future.
Crude Oil future weekly chart technical analysis
Mcx crude oil future this week closed with loss. This was second big losing week for crude oil future and in these 2 weeks prices slumped from 3800 to almost 3100 rupees levels.
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 crude oil finally broken support of 3470 and heading towards long term bearish trend targets of 3065 and then might show 2350 rupee level.
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