Mcx crude oil monthly-hit target 3475 next target 3680

Mcx crude oil monthly report for December 2016

Mcx crude oil monthly report for December 2016

Mcx crude oil future on last trading session closed at 3523 with gain. Mcx crude oil future price trend and momentum both are strong bullish.   For month of December 2016, mcx crude oil future will remain bullish above 3170. And buy on dips for target 3475 which already got achieved in last trading session and now next target will be at 3680. Weekly closing above 3680 means another super bullish run for oil futures with next swing targets at 3980 and 4200.   Weekly closing below 3170 means trend change and sell on rise strategy. On downside mcx crude future major support zones as well as bearish targets are at 2970 and 2670.   Mcx crude oil weekly chart, is bullish and suggesting crude is heading for my given target of 3555 and above it next big and long term target will be 4630.

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Pramod Baviskar

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