Mcx crude oil forecast-hit 3644 tgt my given 3680

Mcx crude oil technical analysis on 13 December 2016

Mcx crude oil technical analysis on 13 December 2016

Mcx crude oil future on last trading session closed at 3587 with huge gains. Mcx crude oil achieved my given target of 3475 and then given some retracement. But that was buying opportunity as I am suggesting. Yesterday we saw sharp gap up opening after holiday and crude oil future hit high around 3644 my second December swing target was at 3680.   Above 3475, mcx crude oil will remain buy and accumulate and expect 3680 as target zone in short to medium terms. For week, mcx crude oil major support of 3465 and above it remain buy and accumulate. For this week, my targets were 3585 and then 3695. Out of which 3595 achieved yesterday and now waiting for 3695. Use daily major dips to buy with stop loss.   Crude oil prices are in strong uptrend and moving upwards with higher tops and bottom cycle patterns. From long term view, mcx crude oil above 3555 on monthly basis, considered as fresh breakout for long term target of 4630.

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Pramod Baviskar

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