Crude Oil future daily chart technical analysis
Crude Oil future on Friday closed at 3632 with loss. On daily chart Crude Oil future price trend is down but momentum is bullish due to strong short covering as well as on value buying from lower levels. Crude oil future hit recovery target of 3350 and then bullish breakout hit 3710 rupee bullish swing target now next level to watch will be around 4200+. If crude oil given breakout above 3710 and sustain then expect 4200 rupee level for crude oil future. On downside 3570 and then 3350 will be strong support zones for this commodity.
Crude Oil future weekly chart technical analysis
Mcx crude oil future this week closed with gain. This was second big gaining week for crude oil future and in these 2 weeks prices rallied from low of 3100 to almost 3765 rupees levels. Means 665 rupees gains in last 2 weeks for buyers.
From medium to long term view, mcx crude oil showing recovery move towards 3980 rupee long term resistance level. Below 3980, crude oil trend is down and targets will be around 2500 to 2300 rupees while above 3980 expect long term uptrend and investment targets of 4900 to 6600 rupees.
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