Mcx crude oil yearly outlook-remain buy for targets 4300-4960
Mcx crude oil this week closed at 3588 with gain. After last week’s correction, crude oil prices seen buying on lower levels and successfully closed with gain. On long term chart, mcx crude oil is in bullish trend and on downside 3050 is major and crucial support zone for 2017. Above it investors keep buy and accumulate on major dips strategy and expect targets of 4300 and then 4960 for year 2017. Weekly closing below 3050 with strong price action and on volume will confirm breakdown of oil prices and start of fresh downtrend. Below 3050, mcx crude oil remain sell for long terms and on downside support as well as target zones will be 2400 to 1800. For next week, above 3535, keep buy on dips view and expect targets of 3691 and then 3830.
Mcx natural gas yearly outlook-above 208 remain buy tgts 308-363
Mcx natural gas future this week closed with strong gains. Mcx natural gas after last week’s strong sell off this low of 213 in this week and seen strong buying from those levels and almost recovered half of losses in this week. From long term view, ng prices are in correction phase and testing support zones. On downside 208 is major support level for 2017 on weekly closing basis. Above it natural gas long term outlook remain bullish and strategy remain invest on major dips for targets 308 and 363. Below 208 on weekly closing basis with strong price action and on volume means long term breakdown and bearish targets of 160 to 120 rupees. For next week, mcx natural gas might continue its recovery rally for target 246 rupee. On downside 229 is daily closing basis support zone.