Crude Oil future daily chart analysis
Crude Oil future on Friday closed at 4075 with loss. On daily chart Crude Oil future price trend and momentum both are bullish. Crude oil future with correction tested 3940 support and now trading above it. If crude future holds 3940 on daily closing basis then expect 4230 and then 4410 as target zones for month of March. Below 3940, crude become bearish and will had towards 3700 rupee level. Daily chart indicators are mixed so no clear trade here.
Crude Oil future weekly chart analysis
Mcx crude oil future this week closed with gain. This was second gaining week for crude oil future after last 2week’s correction and consolidation. On weekly chart crude prices are hovering around 3980 long term support zone.
For 2019, crude oil future major hurdle is 4000 and if prices sustain above it on weekly closing basis then that will be investment opportunity for targets 5000 and above. But if crude oil fails to cross 4000 and then expect another panic selling wave and lower levels up to 3000 to 2500 rupees in longer terms. Weekly chart indicators are overbought so downside looks promising.
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