Crude oil future monthly outlook June 2017
This was fifth losing month for oil prices and sell off continues in energy
commodities. In last 5 month oil future tumbled from highs of 3780 to low of
was around 3370. Total 530 rupee or 15% range and another negative closing.
bullish above 3110 support level. Daily chart price pattern and indicators are suggesting
trend reversal and upcoming short covering rally.
positional targets around 3380 and then 3640. Below 3110 on daily closing
basis, downtrend will continue and crude future might touch previous low of
stop loss below major bottom of 3050 rupees and keep targets at 3380 and then 3640
for month of June 2017.
move towards 3050 support, tested it and now moving upside towards bullish
target of 4300.