MCX Crude April as seen in the weekly chart above has opened the week at 6106 level initially, made a high of 6139 and fell sharply lower towards 5933 levels. Later prices pullback sharply towards 6114 levels and finally closed marginally lower from the previous week closing levels at 6080.
For the next week we expect Crude prices to find support in the range of 5990 –6000 levels. Trading consistently below 5990 levels would lead towards the strong support at 5930 levels and then finally towards the major support at 5860 levels.
Resistance is now observed in the range of 6110-6115 levels. Trading consistently above 6115 levels would lead towards the strong resistance at 6150 levels, and then finally towards the major resistance at 6220 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1- 5990/ $ 99.50 R1-6115 / $ 101.75
S2-5930/ $ 98.50 R2-6150/ $ 102.30
Weekly Recommendation: Sell MCX Crude April between 6110-6120, SL-6165, Target -5990/5950.