EquityPandit’s Outlook for Crude Oil for the week (Mar 18, 2019 – Mar 22, 2019) :
Technically on the daily charts we see minor support on the downside for Crudeoil Mcx Future lies in zone of 3770- 3800 levels, whereas minor resistance on the upside is capped around 4150- 4170 levels.
If Crudeoil Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Crudeoil Mcx Future can head towards major support on lower side around 3500- 3550 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Crudeoil Mcx Future can head towards higher levels around 4400- 4500
Currently Crudeoil Mcx Future is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 4400- 4500 on upside and 3500- 3550 on downside.