nymex crude oil weekly technical analysis for 7 to 11 march 2016
Nymex crude oil this week closed at 36.14$ with almost 10% gains in this week. This was third positive week for oil prices with strong short covering as well as value buying rally. On downside crude oil support zones are 33$ and 30$. On upside 38 and 41 $ are strong resistances as well as target zones. Breakout above 38$ will change sentiment towards bulls and expect higher top and bottom cycle onwards. Monthly chart already given bottomed out signal with last month closing and gave stone doji price pattern. Suggesting end of downtrend and start of fresh recovery and then bullish trend. For long term investors 45 and then 61$ are target zones as suggested by monthly chart.