mcx crude oil weekly technical report for 7 to 11 dec. 2015

Mcx crude oil future this week closed with heavy loss at 2674. This week crude oil future hit high around 2820 while low was at 2661 and closed near it with strong bearishness. Technically crude is at the previous bottom of 2670 and if sustain here then it will be a bullish double bottom pattern with buy signal for target 2900+. Breakdown from here means downside up to 2570 to 2350. For next week, mcx crude oil future support zones are 2670 and 2570. On the upside, 2900 and 3000 are resistances. Traders here keep wait and watch strategy. If prices sustain take long call for target 2900 with stop loss. If the breakdown happens to go short for deep downside targets. mcx crude oil weekly technical report for 7 to 11 dec. 2015

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Pramod Baviskar

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