EquityPandit’s Outlook for Crude Oil for the week(April 22,2019 – April 26,2019):
Technically on the daily charts we see minor support on the downside for Crudeoil Mcx Future lies in zone of 4345- 4350 levels, whereas minor resistance on the upside is capped around 4560- 4570 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 4120- 4130 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 4840- 4850
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 4840- 4850 on upside and 4120- 4130 on downside.