Crude oil weekly-hit 3475 again next tgt 3680

Mcx crude oil outlook for next week 12 to 16 Dec. 2016

Mcx crude oil outlook for next week 12 to 16 Dec. 2016

Mcx crude oil future this week closed at 3472 with loss. After last 3 weeks strong Bull Run, oil prices seeing consolidation and correction on profit booking. In last 4 weeks mcx crude oil prices soared from lows of 2880 to highs of 3580. Total 700 rupee or 24% rise in crude oil prices in 1 month period. Mcx crude oil price trend and momentum both are still bullish and this week on reversal hit my target of 3475 and given swing high of 3580.  

For next week, I am still bullish on mcx crude oil future above 3460 level and my targets will be 3580 and 3695.

  From month view, mcx crude oil achieved 3475 target and seeing some supply from market but price patterns as well as indicators still signaling upside for oil prices. So swing traders hope for 3680 level.  

Swing traders above 3475 keep buy and accumulate view for target 3680 for month of December.

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Pramod Baviskar

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