Mcx crude oil monthly-remain buy and accumulate above 3110

Crude oil future monthly outlook June 2017

Mcx crude oil future in month of May closed at 3124 with loss.
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
2840.
This month crude oil future recorded low at 2840 while high
was around 3370. Total 530 rupee or 15% range and another negative closing.
For month of June 2017, mcx crude oil future outlook remain
bullish above 3110 support level. Daily chart price pattern and indicators are suggesting
trend reversal and upcoming short covering rally.
Above 3110, mcx crude oil will remain buy on dips and expect
positional targets around 3380 and then 3640. Below 3110 on daily closing
basis, downtrend will continue and crude future might touch previous low of
2840.
Energy Commodity traders above 3110 keep buying view with
stop loss below major bottom of 3050 rupees and keep targets at 3380 and then 3640
for month of June 2017. 

From long term view, crude oil future given bearish corrective
move towards 3050 support, tested it and now moving upside towards bullish
target of 4300.

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Pramod Baviskar

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