Mcx crude oil above 3535 remain buy and accumulate tgts 3835-4010

Mcx crude oil January 2017 technical analysis

Mcx crude oil January 2017 technical analysis

Mcx crude oil future this week closed at 3648 with loss. Mcx crude oil after last 3 weeks continues positive closing given first negative closing.   Mcx crude oil daily chart price trend and momentum both are bullish. This rally was started at bottom of 2900 and now oil future is around 3650. Rally is strong and seeing strong demand at every correction. Mcx crude oil global fundamentals also supporting prices. On downside 3535 is major support zones for month of January 2017. Above this level, crude oil future short term view remain bullish and trading strategy will be buy on dips for positional targets of 3835 and then 4010.   Below 3535, on daily closing basis, mcx crude oil will turn bearish and become sell for targets 3360 and then 3060. Mcx crude oil weekly chart price trend and momentum is strong bullish. From long term view, crude oil future above 3050, heading for long term targets of 4300 and 4960.

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Pramod Baviskar

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