MTECHTIPS MCX CRUDEOIL trading analysis 01-06-2015
Mcx crude oil future on last trading session closed at 3869 with huge gains. last session crude oil move was reversal signal or continuation pattern for short term uptrend. crude oil is trading above all short term averages with bottomed out signals of indicators suggesting rally in next week. crude future given reversal from its 3 month average with price and volume action suggesting strong hand buying for fresh highs. crude oil daily chart price trend and momentum both are bullish. daily chart indicators, macd is with bottomed out pattern, rsi is at 58 with fresh buy signal and cci is at 91. on daily chart, crude oil support and resistances are wide. 3520 is strong support on downside and above it use major corrections for buying. on upside 4080 and 4370 are strong resistances as well as short term targets for crude oil.