mcx energy report for 20th october 2016

mcx crude oil report for 20th october 2016 Mcx crude oil future last closed at 3450 with strong gains. My second swing target of 3460 is achieved. Continuously suggesting buy from 3000 levels for targets 3325 and 3460. We already saw 460 points gains from entry. Here if sustain above 3460 then expect super bullish rally on strong buying as well as sharp short covering from trapped traders for targets 3680 and the 3820. Panic will set in the market with every strong upside as there are many shorts in crude oils. For intraday mcx crude oil support zones are 3410 and 3350 while on upside 3480 and 3550 are intraday resistance zones. mcx natural gas report for 20th october 2016 Mcx natural gas future, last closed at 210.8 with heavy loss on profit booking from investors. Natural gas is correcting towards major support zones on continues profit booking in the market. On downside 209 is immediate support level and if it breaks then expect another profit booking wave up to 193 rupee target. If takes support at 209 then expect 224 and 240 levels on the upside. For today 20th October 2016, natural gas future support zones are 209 and 204 while on upside expect resistances at 215 and 224.

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Pramod Baviskar

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