📌 Crude Oil Futures (MCX) – Key Levels & Market Outlook
Crude Oil Futures (MCX) is currently trading near a strong support level at ₹5900. If this level holds, we could see a potential recovery towards ₹6000-₹6100, with further upside momentum targeting ₹6200-₹6300. However, a break below ₹5900 may invite further downside pressure.
🔍 Technical Indicators:
📊 Bollinger Bands: Price is testing the lower band near ₹5900, suggesting a possible bounce if supported by buying interest. A breakout above ₹6100 could signal increased bullish momentum.
📈 ADX (Average Directional Index): Currently around 22, indicating a weak trend. A rise above 25 would suggest stronger directional movement.
📉 Stochastic Oscillator: In the oversold zone (below 20), signaling a potential reversal if buying pressure increases.
📊 Open Interest & Volume: Increasing OI with price recovery could confirm strength, while declining OI on rallies may indicate weak buying conviction.
📌 Key Levels to Watch:
✅ Support Level: ₹5900
📍 Resistance Zone: ₹6000-₹6100
🚀 Upside Targets: ₹6200-₹6300
⚠ Breakdown Risk: Below ₹5900 could lead to a decline toward ₹5800 or lower.
A break above ₹6100 could fuel bullish momentum toward ₹6200-₹6300, while a failure to hold ₹5900 may result in extended selling pressure. Keep an eye on global crude demand, inventory data, and geopolitical developments for additional confirmation.
Crude Oil Futures (MCX) is currently trading near a strong support level at ₹5900. If this level holds, we could see a potential recovery towards ₹6000-₹6100, with further upside momentum targeting ₹6200-₹6300. However, a break below ₹5900 may invite further downside pressure.
🔍 Technical Indicators:
📊 Bollinger Bands: Price is testing the lower band near ₹5900, suggesting a possible bounce if supported by buying interest. A breakout above ₹6100 could signal increased bullish momentum.
📈 ADX (Average Directional Index): Currently around 22, indicating a weak trend. A rise above 25 would suggest stronger directional movement.
📉 Stochastic Oscillator: In the oversold zone (below 20), signaling a potential reversal if buying pressure increases.
📊 Open Interest & Volume: Increasing OI with price recovery could confirm strength, while declining OI on rallies may indicate weak buying conviction.
📌 Key Levels to Watch:
✅ Support Level: ₹5900
📍 Resistance Zone: ₹6000-₹6100
🚀 Upside Targets: ₹6200-₹6300
⚠ Breakdown Risk: Below ₹5900 could lead to a decline toward ₹5800 or lower.
A break above ₹6100 could fuel bullish momentum toward ₹6200-₹6300, while a failure to hold ₹5900 may result in extended selling pressure. Keep an eye on global crude demand, inventory data, and geopolitical developments for additional confirmation.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.