Mcx crude oil weekly- below 2940 expect targets 2745 and 2620

Mcx crude oil weekly technical forecast for 14 to 18 November 2016 Mcx crude oil weekly technical forecast for 14 to 18 November 2016 Mcx crude oil future this week closed with flat loss. This was third weekly loss for oil prices. Mcx crude oil has taken support at 2920 and then we saw high level up to 3060. Crude oil tried to test 3075, but trump risk and OPEC decision might affect crude oil prices in short terms.   Below 2940, mcx crude oil remain weak and sell. On downside 2750 and 2620 are support zones as well as target zones if breakdown happens. On upside 3000 and 3075 are resistances. If crude oil sustain above 2940, then expect 3075 and 3270 as target zones.   From medium to long term view, mcx crude oil below 2920 turn bearish and sell. On downside 2600 and 2200 are support as well as target zones if closed below 2920 on weekly basis.

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