US Debt Ceiling Crisis Averted:MCX Crude Oil Weekly Technical Analysis

By | May 28, 2023 3:05 pm

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 May22 to May 26, 2023, MCX crude oil futures opened at INR 5910 per barrel and closed at INR 6004 per barrel, a Increase of 1.26 %. The highest price reached during the week was INR 6190 per barrel, while the lowest price was INR 5873per barrel.

MCX Crude Oil Gann Angle Chart

 

Crude price showed strong revesal can lead to fall towards 5850/5729

MCX Crude Oil Astro Support and Resistace Line 

Below 5950 Price can see fall towards 5825/5729 once mercury line of support is broken.

MCX Crude Oil Crude Harmonic 

Crude can see move towards 5824/5729 once below 5950

Crude Astro/Gann Trend Change Date

Major Trend Change date for INR is 29 May

Weekly Trend Change Level:6000

Weekly Resistance:6066,6125,6166,6212

Weekly Support : 5950,5900,5848,5800,5729

Levels Mentioned are for June Future Crude Contract

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