CRUDE OIL UPDATES FOR JUNE 5 2016

SUNDAY


WEEKLY UPDATE



Crude Oil in Mcx last week dropped from 3442 levels to close at 3253 levels,



after a long run from 2355 levels from 3450 levels , prices was not able



to sustain at higher levels and dropped from 3450 - 3250 levels, prices



has given a breakdown in rising wedge and closed at 3257 levels now we



expect prices to give a correction atleast up to 3100 levels,



sell at current levels and on rises is advisable.




Weekly Call :




Sell Mcx Crude Oil at Current levels 3260



and on rises up to 3300



with SL above 3350


for targets 3200 – 3150 – 3100.