Mcx crude oil future this week closed with a gain. This was fifth gaining week for oil prices and in these 5 weeks, crude oil future rallied from low of 2890 to highs of 3460+. Almost 550 to 600 rupee rally from lows. Mcx crude oil achieved my given targets of 3325 and 3460 and now look like ready for a correction, though trend and momentum both are still bullish. Mcx crude oil on a daily as well as a weekly chart showing overbought conditions so expects correction up to 3325 to 3100 levels in short to medium term view. Traders here with a stop loss above 3460 can take a short position for correction and expect targets of 3325 and then 3100. A breakout above 3460 means super bullish crude oil future for targets 3680 and 3820. Mcx natural gas future this week closed at 202 with the loss. Mcx natural gas achieved my given upside targets of 210 and 224 and now correcting towards support zones on profit booking. On downside achieved the corrective target of 209 and now heading towards next major support as well as the target of 193. Mcx natural gas weekly chart trend is bullish but momentum is losing out as profit booking is seen on higher levels. Mcx natural gas weekly chart suggests medium to long term support zones around 190 and 179 level and this medium term corrective phase might test them. From long term view, natural gas below 200 rupee level have more chances to test 160-150 level.
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