Mcx energy commodity weekly technical report for 17 to 21 April 2017

Mcx crude oil weekly-bullish breakout heading for tgts 3585-3900

Mcx crude oil future this week closed at 3423 with gain. This was third positive week for oil futures. In these 3 weeks mcx crude oil future rallied from lows of 3075 to high of 3478. Total 400 points rally in short time with strong bullish breakout and momentum. Mcx crude oil future after weak opening in April series, given strong short covering rally and bullish breakout above 3330 for target zones 3580 and then 3900. For next week, mcx crude oil future outlook remain bullish and trading strategy will be buy on dips. On downside crude has support at 3380-3330 and 3270 on daily chart. On upside 3478-3510 and 3585 will be resistance zones as well as target levels for buyers.   read more about : what is open interest ?   From long term view, crude oil future just taken support above 3050 and heading towards 2017 investment target zones of 4300 and 4960. mcx crude oil weekly technical report for 17 to 21 April 2017

Mcx natural gas weekly-heading towards 200 rupee support zone

Mcx natural gas future this week closed at 207.2 with loss. This was first weekly loss for ng prices after last 3 weeks continues surge. This week ng future hit high around 212 and low was near 203. Total 9 rupee range and closed with loss. Mcx natural gas future opened strong in April and almost hit its first swing tgt of 218 rupee and now correcting towards support of 200 rupees. Above 200 mcx natural gas future month outlook remain bullish and trading strategy remain buy on dips. On upside 218 and then 229 are target zones. For next week, mcx ng future above 200 rupee remain buy on dips with stop loss. On upside 212-217 and 218 are resistance zones as well as target zones for next week. On downside 203 and 200 rupees are support levels.   read more about : our Sure Nifty Bank Nifty Future Tips services

  From long term view, mcx natural gas future is hovering near major support of 208 rupee. Above it long term outlook will be bullish for target zones 308 and 363. While below it long term downtrend and bearish target zones of 153 and below. mcx natural gas weekly technical report for 17 to 21 April 2017 Want professional Sure MCX Commodity Tips on whatsapp with live market support and follow ups then subscribe us today.

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Pramod Baviskar

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