Mcx crude oil Jan. future technical analysis
last closed at 3640. We saw high up to 3672 and mcx crude oil target was 3680 above 3475. Which is almost achieved. Mcx crude oil future price trend and momentum both are strong bullish. Daily chart, indicators are bullish and overbought but fresh bullish price pattern suggesting bullish run resumed after consolidation. Short term traders watch for 3980 on closing basis, if breakout happens with price and volume then expect 3980 as next target zone for this oil rally. On downside 3540 and then 3475 are support zones as well as buying levels for fresh entry. chart showing, that this energy commodity had achieved its medium term target of 3555 and given breakout above it. On upside 4630 is long term target zone for crude oil if sustain above 3555.