MCX Crude January as seen in the weekly chart above has opened the week at 5890 levels initially made a high of 5918 and then fell sharply lower towards 5669 levels. Later prices recovered marginally towards 5710 and closed sharply lower from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 5680 –5660 levels. Trading consistently below 5650 levels would lead towards the strong support at 5620 levels and then finally towards the major support at 5560 levels.
Resistance is now observed in the range of 5820-5830 levels. Trading consistently above 5850 levels would resume the uptrend leading initially towards the strong resistance at 5928 levels, and then finally towards the Major resistance at 6020 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1- 5680 / $ 92.16 R1-5824 / $ 94.50
S2-5620 / $ 91.20 R2-5928 / $ 96.20
Weekly Recommendation: Sell MCX Crude January between 5820-5830, SL-5891, Target -5680.