EquityPandit’s Outlook for Crude Oil for the week (April 15, 2019 – April 19, 2019):
Huge buying attraction has been seen in Crudeoil last week and commodity is al set to head towards higher levels, Technically on the daily charts we see minor support on the downside for Crudeoil Mcx Future lies in zone of 4250- 4260 levels, whereas minor resistance on the upside is capped around 4400- 4425 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 4530- 4540
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 4530- 4540 on upside and 4120- 4130 on downside.