mcx energy weekly outlook : expect correction

mcx crude oil weekly forecast for 22 to 27 june 2015

Mcx crude oil future this week closed with loss. Crude oil future weekly price trend and momentum still bullish but daily chart price and indicators pattern suggesting correction. On weekly chart crude is consolidating above major averages. For next week, crude oil future below 3840 will remain sell or bearish. On downside 3670 and 3470 are support zones and targets in current scenario. As weekly chart price trend is bullish, if crude sustain above 3840 then expect strong buying as well as short covering rally for prices for target 4030. Traders must take long or shorts according to level breakout.

mcx natural gas weekly forecast for 22 to 27 june 2015

Mcx natural gas future this week closed with gains. This was second weekly gains for ng prices. This week ng future hit high around 190 while low was near 174. Total 16 rupee weekly range and recovery continues on weekly chart. On daily chart signal are mixed but on weekly chart closing below major averages suggesting supply pressure from market.
For next week, below 179-180 levels expect profit booking as well as fresh selling in natural gas future. Downside target is 164. Above 180, 188 and 200 are resistance zones.

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Pramod Baviskar

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