Mcx crude oil topped out?? Resistance 3685
Mcx crude oil future this week closed at 3593 with gain. This was second positive week for crude oil prices. Mcx crude oil future achieved my given swing targets of 3475 and then almost hit 3680 target with high of 3672. Mcx crude oil future outlook remain bullish but prices are overbought and forming topping out pattern. On upside 3685 is major hurdle and remain as stop loss for corrective short positions. On downside 3475 and then 3200 are support zones as well as target zones for short sellers. I am in wait and watch mode and will take long position on dips if crude oil breaks 3685 top. Mcx crude oil weekly chart is strong bullish and with bullish breakout for target 4630. On downside 3550 is support on weekly closing basis.
Mcx natural gas reversal rally hit tgt 251 next 273
Mcx natural gas future this week closed at 247.4 with gain. Mcx natgas future this week given strong correction and taken support just above 220 and resumed uptrend for my targets 251 and 273. This week mcx natural gas future achieved target of 251 rupee and above it next target will be 273 rupee. Which is expected in next week. Mcx natural gas future have strong support zones around 237 and 220 rupee. Above 211, mcx ng remain bullish and buy on dips for target 251 and 273. Mcx natural gas long term view is bullish and it achieved its long term target of 200 and 252. Above 252 on weekly closing basis will enter super bullish long term trend for targets 295 and 348.