Crude Technical analysis

Crude (09.03.2016) traded higher in last few weeks & looking unstoppable cash register next level.
Crude is trading around $39 mark & as we can see on charts, crude still moving in a minor upside channel where it may face another resistance at $42 mark. This level also combine with 61.8% fibonacci retracement level which may increase the strength of the resistance .
On fundamental side, supporting crude inventories could push oil higher again in coming days. 




 Based on above analysis , crude most possible moving towards $42 before giving any correction while $37.50 mark act as support.
MCX -> S2(2410) S1(2468) cmp(2530) R1(2610) R2(2740)
Note - Above technical analysis is not a buy/ sell recommendation.

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