Mcx crude oil future weekly technical analysis report for 22 to 26 may 2017
Mcx crude oil future this week closed at 3266 with another huge gains. This will be second weekly gains for oil. In last 2 week’s crude rallied from lows of 2950 to high near 3300. This week crude oil given 200 points bullish rally. Strong recovery rally hit swing targets of 3025 and now hit 3250 and closed above it. Above 3250, positional view remain bullish for next bullish swing target of 3400 rupees. While from short term view, mcx crude oil support zones are 3150 and 3020. While on upside 3270 and 3395 are resistances as well as bullish targets for next week. From long term view, 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 now looking bullish for upside investment target of 4300.