SUNDAY
WEEKLY UPDATE
Mcx Crude oil last week jumped from its bottom of say 2860 levels to test a high of
3368 levels because of tensions prevailing in middle east, though prices given a sudden jump
both in international and in mcx it was not able to sustain at higher levels and dropped back
to 3150 levels which is considered at short term support levels, for the days ahead prices
will move based on the news from middle east, technically looks bearish for now but we suggest
to buy on dips rather going for short because after a long consolidation between
2700 – 3000 levels last week prices have given breakout and we expect this rally
may take the prices to 3500 levels.
Weekly Call :
Buy Crudeoil or Crudeoil mini on dips between 3100 – 3130
with stops below 3030
for target 3220,
any breakout above 3220
add further positions by moving stops to 3180 for targets 3250 and 3280.
