EquityPandit’s Outlook for Crude Oil for the week (April 01, 2019 – April 05, 2019):
Technically on the daily charts we see minor support on the downside for Crudeoil Mcx Future lies in zone of 4100- 4050 levels, whereas minor resistance on the upside is capped around 4300- 4325 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 3850- 3800 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 4450- 4470
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 4450- 4470 on upside and 3850- 3800 on downside.