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 17 to April 21, 2023, MCX crude oil futures opened at INR 6770 per barrel and closed at INR 6400 per barrel, a Decrease of 5%. The highest price reached during the week was INR 6778 per barrel, while the lowest price was INR 6322 per barrel.
Based on the weekly chart, crude oil prices has formed Bearish Enguling pattern on weekly chart and broken its 50 DMA suggesting price can see more downside.
MCX Crude Oil Gann Angle Chart
Crude price showed strong revesal can lead to gap filling till 6200/6108 once below 6385.
MCX Crude Oil Astro Support and Resistace Line
Below 6385 Price can see correction towards 6300/6225/6166 once mercury line of support is broken.
MCX Crude Oil Crude Harmonic
Crude can see move towards 6225/6108 below 6385.