mcx crude oil future monthly technical analysis report april 2016

mcx crude oil future monthly technical analysis report april 2016 Mcx crude oil future for month of April is trading with loss. After last 2 month strong gains price now seeing some profit booking as well as fresh shorts. Though trend is still on recovery side.     Mcx crude oil future daily chart price pattern is bearish and suggest downside up to 2160. Mcx crude oil weekly chart price trend is down and showing topped out pattern for this bounce back move. Mcx crude oil monthly chart, facing strong supply around 2600 to 2700. Above it next major trend resistance will be 3135.     For April 2016, my mcx crude oil view below 2550 remain bearish for targets 2300 and then possibly 2030. Trend reversal happen above 2550 on weekly closing. On upside 2825 and 3080 are strong resistances as well as target levels on trend reversal.

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Pramod Baviskar

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