The price of MCX Crude closed at 6063 on July 08, 2023, up 4.55 % from the previous week’s close of 5799. The week was marked by volatility, with the price ranging from a high of 5734 to a low of 6078.
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 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 rally towards 6164/6250
MCX Crude Oil Astro Support and Resistace Line
Above 6070 Price can see rally towards 6166/6250/6323 Holding Support of Mercury Line @5900
MCX Crude Oil Crude Harmonic
Crude can see move towards 6170/6250/6323 once above 6100