Crude oil is one of the most actively traded commodities in the financial markets, and the Multi Commodity Exchange of India (MCX) provides a platform for traders to participate in crude oil trading. Understanding the weekly market analysis is crucial for traders who are looking to make informed decisions and optimize their trading strategies. In this article, we will provide a comprehensive analysis of MCX crude oil trading for the week, covering various aspects such as technical analysis, fundamental factors, and market sentiment. The report covers a wide range of topics, including Gann Harmonic and Astro Analysis.
The MCX crude oil futures contract is a popular choice for Indian traders looking to trade crude oil. The contract is based on the prices of crude oil traded on the New York Mercantile Exchange (NYMEX), the global benchmark for crude oil prices. MCX crude oil futures are traded in Indian Rupees (INR) per barrel, with each contract representing 100 barrels of crude oil.
In the week of April 9 to April 7, 2023, MCX crude oil futures opened at INR 6220 per barrel and closed at INR 6593 per barrel, a increase of 6%. The highest price reached during the week was INR 6713 per barrel, while the lowest price was INR 6220 per barrel.
Based on the weekly chart, crude oil prices have been in an uptrend for the past few weeks, with higher highs and higher lows. The price has also been trading above the 50-day moving average (MA), indicating a bullish sentiment. The relative strength index (RSI) is also in the overbought zone, suggesting that prices may be due for a correction.
MCX Crude Oil Gann Angle Chart
Crude price showed strong revesal heading towards 6500/6412/6323 till below 6666
MCX Crude Oil Astro Support and Resistace Line
Below 6500 Price can see correction towards 6412/6385/6226 once mercury line of support is broken.
MCX Crude Oil Crude Harmonic
Crude can see move towards 6729/6850 till holding 6500 to complete CYPHER pattern.