mcx crude oil future technical analysis report for march 2016
Mcx crude oil future trading with gains for month of March 2016. Last month we seen bottom formation around 1800 and strong recovery and strong closing for oil prices.
On daily chart, crude oil future has given bullish breakout above its 3 month average and now entered bull zone. 2300 to 2180 is major support zone and buying opportunity zone for traders as well as investors.
For month of March, above 2170 will remain bullish and buy on dips. On upside my targets are 2540 and 2760.
Trend change will happen below 2170 only. In that scenario crude will test 1950 low and in extreme bearish condition will have chance to test 1600 levels. But this seems to be less likely.
Long term investors keep buy and accumulate view for targets 2900-3200.
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