Crude Feb In Uptrend, Resistance At 5935-5955 Levels

Published 01/20/2014, 05:05 AM
Oil
MCX Crude February as seen in the weekly chart above has opened the week at 5738 levels initially made a low of 5688 and then moved sharply higher towards 5888 levels and finally closed sharply higher from the previous week closing levels.

For the next week we expect Crude prices to find support in the range of 5815 –5795 levels. Trading consistently below 5790 levels would lead towards the strong support at 5735 levels and then finally towards the major support at 5610 levels.

Resistance is now observed in the range of 5935-5955 levels. Trading consistently above 5960 levels would resume the uptrend leading initially towards the strong resistance at 6011 levels, and then finally towards the Major resistance at 6093 levels.

MCX / NYMEX Crude Oil Trading levels for the week

Trend: Up

S1- 5811/ $ 93.65 R1-5935 / $ 95.70

S2-5735/ $ 92.30 R2-6011/ $ 97.10

Weekly Recommendation: Buy MCX Crude February between 5815-5795, SL-5720, Target -5930.


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