mcx crude oil trend for next week 19 to 23 sep 2016

MCX.CRUDEOIL - OHLC Six Months_1w 2016-09-17 175633 Mcx crude oil future this week closed at 2884 with heavy loss. This week mcx crude oil high point was at 3110 while weekly low was at 2873 and closed near it suggesting selling pressure on this commodity.   After last week strong bounce back crude oil prices opened strong but saw continues profit booking as well as fresh selling throughout the week. Mcx crude oil weekly chart price trend and momentum both are strong bearish. Weekly chart indicators also predicting deep downside for prices in medium to long terms.   Mcx crude oil below 3010 entered into bearish territory on daily chart and heading towards my given target of 2695. For next week energy traders keep sell on rise view on mcx crude oil future for targets 2800 and then 2695.   Trend reversal only happen above 3010 on daily closing basis. On upside 3025-3030 is 13 and 6 weeks average levels and strong resistance point on weekly chart.   For mcx commodity tips on whatsapp with real time support and follow ups visit our subscription section.

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