Thursday, 31 March 2016

Mcx Crude Oil and Natural Gas Price Forecast

Live News for Commodity Market visit at www.marketmagnify.com

Hedge funds and other money managers have amassed a near-record number of bullish bets on increasing oil prices, helping push the main international benchmark well above $40 per barrel. By the close of business on March 22, money managers held a net long position equivalent to almost 579 million barrels in the three largest crude oil futures and options contracts. MCX Crude Oil Apr is trading at `2575. It is trading up by `13.

Crude Oil. It suggests that prices are forming wedge pattern, which has already given breakout on the upside. Further is has confirmed reversal in the trend by positive divergence on RSI.

Natural gas. It suggest that prices are trading in downtrend channel. However, some pullback can be seen till 125 levels. On the downside, immediate support is located at 120 levels.

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