Crude Oil future daily chart technical analysis
Crude Oil future on Friday closed at 3185 with loss. On daily chart Crude Oil future price trend and momentum both are very bearish. We saw another fresh breakdown below 3350 and then free fall up to 2993 which is fresh low for crude oil futures in short terms.
Crude Oil future on chart trading way below all short term averages suggesting underlying bearishness of this market. But now his fresh breakdown has its targets around 2850 and below it next support as well as bearish target will be around 2480 rupees.
For Crude oil future in January, crude oil future below 3350 will remain sell on rise and on downside my first target will be around 2850 and if slips below it then expect lower levels up to 2480 rupees.
Crude Oil future weekly chart technical analysis
Mcx crude oil future this week closed at 3185 with loss. This was forth losing week for crude oil future. In last 4 weeks or 1 month, we saw crude oil tumbled from highs of 3800 to 3000 rupees means 800 rupees or another 21% downside for crude prices.
For 2019, mcx crude oil will remain weak and sell. On upside 3950 is major resistance level and below it expect this downtrend to continue towards my long term targets of 2500 to 2000 rupee levels. In severe panic lower levels up to 1500 can be expected here. Expect trend reversal above 3950 on weekly closing basis with strong price action and on volumes.
Crude Oil future monthly chart technical analysis
Mcx crude oil future in December tumbled from 3867 to 2993 means 850 rupee drop. This was third losing month for crude prices and in these 3 months lost almost 2600+ or 46% from the top. Crude oil future are in bear market and before reversal might create panic low around 2000 levels.
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