CRUDE OIL UPDATES FOR DEC 29 2015

SUNDAY




Mcx crude oil last week was highly trading in the range between 2800 – 2900, over all scenario



for the commodity looks bullish with strong supports below 2750 levels, immediate resistance




for the commodity is at 2870 and 2900 levels above that we expect prices to move immediately up




to 3050 – 3100 levels, buy above resistance is advisable or buy near supports is also the strategy




to hold the commodity, News for the week is OPEC meet outcome is expected this week and rumors




are there that they may streamline the extreme volatility of crude dollar prices.




Weekly Call :




Buy Only above 2870 on closing basis




and add further on dips up to 2830





with SL below 2750




for targets 3050 and 3100.



Or



Buy Near supports at 2750 levels





with SL below 2700





for targets 2870 and 2900(short term).



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