Mcx crude oil future weekly technical analysis report for 15 to 19 may 2017
Mcx crude oil future this week closed at 3062 with gain. After last 3 weeks’ sharp selloff prices recovering from lows.future price trend is down and outlook is still bearish. Prices are bouncing back from oversold zone but on upside has strong resistances around 3100 to 3150 zone and below it short term outlook remain bearish. On downside 3025 then 2875 and 2650 are support zones as well as target levels for traders. From long term view, mcx crude oil future has given bearish breakdown below 3055 levels and turned bearish for 2017. Below 3055 on weekly closing basis crude oil will remain sell and long term targets are 2400 and below.