Energy weekly technical analysis 23-27 January 2017

mcx crude oil weekly technical analysis 23-27 January 2017

Mcx crude oil weekly-remain buy above 3535 tgt 3830

Mcx crude oil future this week closed at 3641 with gain. This was second positive week for oil future. After strong rally we seen some correction and consolidation in crude oil prices. Prices now taken support at 3535 and will upward towards my big bullish swing target of 3830. Traders above 3535 on closing basis must stay bullish on crude and expect 3700 and 3830 targets in next week. If slips below 3535 on strong volume and price action then that will be fresh bearish breakdown and sell signal for crude oil and in that scenario target will be 3360. From long term view, mcx crude oil slowly inching towards my 2017 target of 4300. mcx natural gas weekly technical analysis 23-27 January 2017

Mcx natural gas weekly-hit target 229 now watch for 203

Mcx natural gas this week closed at 220.4 with loss. After last week’s bounce back natural gas prices resumed downtrend. This week natural gas hit high around 240 while low was around 219 and closed around low. Mcx natural gas future after breakdown below 247 achieved its first downside target of 229 rupee and now fresh breakdown is heading for my next target of 203 rupees. For next week, mcx natural gas future below 229 on daily closing basis will remain sell and targets will be 210 and 203. From long term view, natural gas is looking weak and heading towards 208 and 155 rupee support zones to test them. Weekly closing below 208 will triggers downtrend for natural gas for 2017.

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Pramod Baviskar

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