MTECHTIPS MCX CRUDEOIL WEEKLY trading analysis 12-05-2015
Mcx crude oil future on last trading session closed at 3788 with gains. on daily chart, crude future price trend and momentum both are strong bullish. for next week, above 3510 traders use correction for buying and accumulation for price targets of 4080 and above. below 3510 next major support will be around 3200 so expect sharp fall in prices if crude slips below 3510.on weekly chart, crude this week closed with loss. this week high level was at 3989 while low was at 3723. total 250 points or almost 8% weekly swing and closed with loss on profit booking by investors. weekly chart price and indicators pattern suggesting correction might continue in next week. from medium to long term view, crude above 4350 will gain its bullish momentum and might show targets of 5300 to 7200 till year end. currently strong moving towards 4300 levels.next week, crude oil traders watch 3500 level or hold shorts for 3500 level target with stop loss at 4000. if sustain at 3500 then fresh short to medium term buying can be initiated for target 4300+.