MTECHTIPS MCX CRUDEOIL INTRADAY trading analysis 17-06-2016
DAILY:- Mcx crude oil is closed at 3125 with heavy loss. Crude below 3220 now entered bearish territory so keep sell on rise view. On downside 2995 will be target for this breakdown.
WEEKLY :- Mcx crude oil future this week closed with gain at 3303. Crude oil prices are moving higher in overbought zone reflecting underlying bullishness of major players. Crude oil after last week correction given small gains in this week. Mcx crude oil future weekly price trend and momentum both are strong bullish and expect fresh high in upcoming weeks. For next week, mcx crude oil above 3215 remain bullish and buy on dips. On upside 3380-3485 and 3550 are my targets. We already saw swig high up to 3440.On downside 3270 and 3215 are strong support zones. And fresh entry zones for commodity traders with strict stop loss below 3200.