Mcx crude oil weekly-hit low at 2910 heading for 2850 and below

Mcx crude oil future weekly technical analysis report for 12 June to 16 June 2017

Mcx crude oil future this week closed at 2963 with high volatility and large sell off on news flow. This was third losing week for oil prices and this week saw crude oil future high at 3120 while low was at 2910.almost 200+ points range and another sharp selloff. In last 3 weeks prices collapsed from top of 3370 to low of 2910. 450 rupee loss or 13% drop in oil future.

On daily chart mcx crude oil future below 3120 remain weak and sell on rise and on downside my bearish target zones are 2850 and then 2580. For next week crude oil future outlook is weak and traders below 3120 keep sell on rise view with stop loss for targets 2850 and below. On upside 3120 and 3200 are strong resistances.

From long term view, mcx crude oil future has given bearish breakdown below 3055 levels and turned bearish for 2017. But now strong recovery rallies from last 2 weeks bought crude above 3055 support and retracing back to 3055 support zone. Breakdown below 3055 is significant and might suggest lower levels up to 2800 to 2400 in longer terms.

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Pramod Baviskar

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