Mcx crude oil future this week closed with loss. This was second weekly loss for crude oil future. Crude future given reversal move from its 6 month average and resumed primary trend which is very bearish signal from medium to long term view.
This week mcx crude hit high around 3160 and low was at 2900. Total 160 rupee weekly range or almost 7% swing and negative closing with bearish outlook. Weekly chart indicators pattern are bearish with fresh sell signal for medium term.
For next week, crude oil support zones are 2800 and then 2580. These will also remain as target zones for swing short sells. On upside 3090 is 3 month average and first resistance and 3265 is 6 month average and second resistance.
Mcx natural gas future this week closed with loss. This was first week loss for ng future after last 4-5 weeks consolidation moves or range bound trading. On weekly chart ng future price trend is down with bearish momentum.
For next week, mcx natural gas future support zones are 170 and 165 while on upside 177 and 179 are strong resistances. 177 is 3 month average and 179 is 6 month average and second resistance on weekly chart.
On weekly chart, mcx natural gas RSI is at 37 and heading towards oversold area.