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MCX SEP CRUDE OIL MARKET RECOMMENDATION
Mcx crude oil sep future closed at 5379 on Saturday half
trading session. on daily above weekly level which reflect strong bullish
momentum and demand of this commodity. in next week crude oil prices may rally
like silver as qe3 speculation is rising. 5340 is crude oil weekly average
support below that month average comes at 5280 and below that 3 month average
of 5110. mcx crude oil indicators given bullish reversal sign!!for next week
traders should watch upside resistances of 5425-5550 and 5640 while on downside
above averages will act as supports.
weekly analysis:-
on weekly chart, crude oil prices closed with gains week on
week basis. on weekly chart price look like consolidating after rally from
4800. above 5500 will be next swing breakout for target of 5850 to 6160.
on weekly major level are 5050=6 month level, 4980=12 month
level while 4600=24 months average.
TRADING VIEW:-
Short term traders should stay long with stoploss below 5280
for targets of 5425 to 5550.
for medium and long term traders hold long for targets of
5650 and above with stoploss below 5200,new buying must be avoided!!
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