crude oil weekly outlook for 31 aug to 4 sep 2015
Mcx crude oil future this week closed with strong gains. This was first strong gaining week for oil prices after last week’s continues slide. This week crude future hit low around 2577 while high was at 3046. Total almost 500 rupee weekly range and closed with strong gains on value buying as well as sharp short covering. On weekly chart, 3130 and 3335 are major averages resistances. For next week crude oil future might continue this recovery rally and might show targets of 3270 and 3535 on downside 2780 is strong support level and stop loss for long positions.
natural gas weekly outlook for 31 aug to 4 sep 2015
Mcx natural gas future this week closed with gain. On weekly chart ng future is trading in range but still below major averages. This week natural gas future hit high around 181 while low was at 175. Total 6 rupee range or 3% swing and closed with gain. For next week, 177 is major support area and above it keep short view bullish but on upside 182 and 185 are strong resistances and natural gas tried to cross this resistance three time and failed to do so.