MCX Crude February as seen in the weekly chart above has opened the week at 5832 levels initially moved lower and as expected found very good support at 5796 levels. Later prices rallied sharply breaking both the resistance levels towards 6135 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 6020 –6000 levels. Trading consistently below 5980 levels would lead towards the strong support at 5890 levels and then finally towards the major support at 5673 levels.
Resistance is now observed in the range of 6220-6230 levels. Trading consistently above 6250 levels would renew the previous week’s rally initially towards the strong resistance at 6350 levels, and then finally towards the Major resistance at 6410 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1- 6012/ $ 95.75 R1-6222 / $ 98.60
S2-5890/ $ 94.40 R2-6350/ $ 100.30
Weekly Recommendation: Buy MCX Crude February between 6020-6000, SL-5870, Target -6220.