Mcx crude oil weekly-below 2940 keep buy and accumulate view

Mcx crude oil weekly-below 2940 keep buy and accumulate view Mcx crude oil weekly technical analysis 7 to 11 November 2016 Mcx crude oil future this week closed at 2942 with heavy loss. This was second week of losses for oil prices and in these 2 weeks we saw breakdown in prices from 3420 to almost 2900. Mcx crude oil price trend and momentum both are very bearish but oversold.   Mcx crude oil future on downside achieved targets of 3075 and then 2940. But from now on downside looks limited and expect upside technical bounce back or short covering rally up to 3075 and then 3270. Below 2940 on weekly closing basis, crude will be super bearish and will hit target up to 2740 and then 2650. But as closed just above 2940, risky traders and investors here can follow buy on dips strategy with stop loss and expect higher targets.   From long term view, crude oil prices test its 2920 support and above it investors keep buy and accumulate view for target 3550.

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