MTECHTIPS MCX CRUDEOIL SELL AT 3740-50 STOPLOSS 3800 TGT 3690 TGT 3650
MTECHTIPS MCX CRUDEOIL WEEKLY trading analysis 28-05-2015
Mcx crude oil future last closed at 3713 with loss. on daily chart, crude oil future price trend is bullish but momentum is falling on profit booking as well as strong supply from market. crude oil still trading above its 1 and 3 month averages. 3730 is its 1 month average level and 3535 is 3 month average level. on upside 3850 and 3960 are strong resistances on daily chart. daily chart indicators are with bearish corrective patterns.mcx crude oil future this week closed with loss. this was third weekly loss for this commodity. this week crude hit high at 3948 while low was at 3725. total 225 rupee weekly range or 7% volatility for week and closed with loss. on weekly chart price trend and momentum both are bullish. on downside 3630 and 3530 are support zones on weekly chart and above it long term investors can keep long view for this commodity.for next week, crude oil future might continue to correct and might take support round 3500-3600 zone. on reversal expect upside target of 4080 at fresh high. for short sellers 3900 is trailing stop loss for price targets 3600 to 3500.