NYMEX crude weekly : bullish breakout target 48.8$

nymex crude oil commodity technical analysis for 21 to 25 march 2016

nymex crude oil commodity technical analysis for 21 to 25 march 2016

Nymex crude oil this week closed with gain. This was fifth weekly gain for crude prices after making bottom at 27$. This week crude oil given breakout above 36.5$ resistance which is support now.   On upside 48.8$ is my next medium to long term ta rget which can be expected in next 1-2 month period.   Crude oil downside major support zones 36.5$ and then 35$ and these are stop loss levels for long traders. On monthly chart, this recovery phase suggesting this energy commodity targets at 60$ for next 12 month period.

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Pramod Baviskar

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