Weekly Trade Levels for MCX Crude: Analysis and Forecast

By | June 25, 2023 3:30 pm

Price Movement

The price of MCX Crude closed at 5675 on June 23, 2023, down 3.4 % from the previous week’s close of 5877 . The week was marked by volatility, with the price ranging from a high of 5975 to a low of 5546.

Key Drivers

The main drivers of the price movement in the past week were:

  • Weaker demand: The demand for crude oil has been weak in recent weeks due to the slowdown in the global economy. This has led to a build-up of crude oil inventories, which has put downward pressure on prices.
  • Rising interest rates: The US Federal Reserve has raised interest rates in an effort to combat inflation. This has made it more expensive for businesses to borrow money, which could lead to a slowdown in economic activity and a decline in demand for crude oil.
  • Geopolitical tensions: The ongoing war in Ukraine has raised concerns about global energy security. This has supported prices, as investors have bought crude oil as a hedge against supply disruptions.


The outlook for MCX Crude is uncertain. The weak demand and rising interest rates could weigh on prices in the near term. However, the geopolitical tensions  between The Wagner Group and Russia could support prices. Overall, the market is likely to remain volatile in the coming week.

MCX Crude Oil Gann Angle Chart

Crude price showed strong revesal can lead to fall towards 5555/5424 till below 5700

MCX Crude Oil Astro Support and Resistace Line 

Below 5700 Price can see fall towards 5555/5424 once mercury line of resistance is not crossed.

MCX Crude Oil Crude Harmonic 

Crude can see move towards 5555/5424  once below 5700

Crude Astro/Gann Trend Change Date

Major Trend Change date for INR is 21 June

Weekly Trend Change Level:5700

Weekly Resistance:5756,5814,5863,5921

Weekly Support : 5666,5610,5555,5485,5424

Levels Mentioned are for July Future Crude Contract

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