Weekend Views On MCX Crude !!!

Oil's well that end's well!

 Below is the Monthly chart of MCX Crude and some observations;

1. Crude rose up from Feb lows and found resistance at the 20 period EMA at 3380 and closed below it.
2. On the monthly the overhead resistance is the almost horizontal 200 period EMA at 3630.
3. Having said that it also needs to close above the 20 periods 3380 and previous month's close at 3333!!!
4. 3000 and thereabouts look like a good support on closing basis on the monthly chart.

The Weekly Chart;

1. On the Weekly you can see that the chart met resistance at old price levels shaded in red band.
2. Price is still below the 200 periods EMA but  trading above the 20/50 EMA and 20 EMA is trying to crossover the 50 EMA.
3. Last three week's action is more subdued and shallow probably since the price had drifted to far away from the nearest EMA and is trying to pull it upwards.
4. A break below 3220-30 would mean a retest of the 50 period EMA at 2950 and thereabouts.

The Daily Chart;

1. Bullish alignment of all the key Ema's and Price trading above them.
2. The price structure of HH-HL in place.
3. The recent DT formation and a slight negative divergence on the charts has puled the price down to the 20 periods EMA.
4. 3250-65 needs to be protected on closing basis to maintain this uptrend.