MTECHTIPS MCX CRUDEOIL INTRADAY trading analysis 27-06-2016
DAILY:- Mcx crude oil on Friday closed at 3265 with loss. We saw sell off in oil futures on brexit news. Crude oil came down significantly from highs. We saw low up to 3200 on Friday. Mcx crude oil daily chart price trend is now bearish and momentum changed in single session due to future outlook. Below 3320 expect downside for crude future. On downside daily chart showing support zones around 3205 and 3115. On upside 3280 and 3320 are remain strong resistances. In short term crude might remain bearish and show downside levels.
WEEKLY :- Mcx crude oil weekly closing was flat but which is very bearish signal on weekly chart. On downside chart is showing support zones at 3115 and then 2870 while on upside 3280 and 3440 are strong resistance zones. In medium term view look like crude oil is topped out.