MCX Crude Weekly Analysis During Venus Retrograde

By | July 23, 2023 3:14 pm

Price Movement

The price of MCX Crude closed at 6298 on July 21, 2023, up 1.38 % from the previous week’s close of 6334. The week was marked by volatility, with the price ranging from a high of 6324  to a low of 6073.

Here are some factors that could influence crude oil prices in the week ahead:

  • OPEC+ meeting: OPEC+ is scheduled to meet on 20 July to discuss production levels. Any changes to production levels could have a significant impact on crude oil prices.
  • US economic data: The release of US economic data, such as the jobs report, could also influence crude oil prices.
  • Geopolitical risks: Any geopolitical risks, such as an escalation of tensions in the Middle East/Russia Ukraine, could also support crude oil prices.

Overall, the outlook for crude oil prices in the week ahead is bullish. However, there are some risks that could weigh on prices. Traders should monitor these risks closely and adjust their trading strategies accordingly.

MCX Crude Oil Gann Angle Chart

Crude price showed double top formation on daily revesal can lead to fall towards 6108/6000

MCX Crude Oil Astro Support and Resistace Line 

Below 6225 Price can see fall  towards 6066/5920

MCX Crude Oil Crude Harmonic 

Price has taken resistance at 61.8% 

Crude Astro/Gann Trend Change Date

Major Trend Change date for INR is 24 July

Weekly Trend Change Level:6300

Weekly Resistance : 6343,6400,6444,6525,6610

Weekly Support : 6225,6166,6100,6050,6000,5920

Levels Mentioned are for August Future Crude Contract

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