MCX Crude Weekly Technical Analysis

By | July 7, 2013

Crude is trading at 3 year high on MCX, With Egypt conflict crude is rising and its a double whammy for INR, as rise in crude prices will increase fiscal deficit.Lets analyze crude technical for coming week.

Crude Mcx Weekly

jcharts (4)

As per Weekly charts crude has formed a bullish engulfing pattern but unable to cross the higher end of upper channel@6312

 

Brent Crude Weekly Charts

wti-aug13weekly fibo

WTI crude on International chart is also facing trendline resistance at 103.4 which is also 61.8% retracement as seen in above chart, So confluence of falling trendline resistance and golden ratio should lead to pullback in crude.

 

Crude Mcx Monthly

jcharts (3)

 

Crude Trend Deciding Level:6424

Crude Resistance:6512,6569 and 6622

Crude Support :6336,6248 and 6155

Levels mentioned are Aug Expiry

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