MTECHTIPS MCX CRUDEOIL INTRADAY trading analysis 31-05-2016
DAILY :-Mcx crude oil future closed at 3374 with gain. Here we saw breakout above 3400 levels and crude is trending towards my tgt 3600+.
WEEKLY :-Mcx crude oil future this week closed with gain. This was third positive week for oil prices.Mcx crude oil weekly chart price trend and momentum both are bullish. Above 3170 crude will remain bullish and buy on dips. On upside 3400 and 3485 are strong resistance zones as well as targets for next week. On downside 3210 and 3170 are support levels as well as fresh long entry zones. Mcx crude oil monthly chart suggesting this move target around 3550 to 3625.