MCX Crude March as seen in the weekly chart above has opened the week at 6,371 levels and during this period moved lower and as expected found very good support at 6230 levels. Later prices rallied sharply higher towards 6419 levels but did not able to breach the week’s high of 6421 levels. Finally prices are closed marginally higher from the previous week’s closing and closed at this week’s open level.
For the next week we expect Crude prices to find support in the range of 6230 – 6200 levels. Trading consistently below 6200 levels would lead towards the strong support at 6050 levels and then finally towards the major support at 5950 levels.
Resistance is now observed in the range of 6450-6500 levels. Trading consistently above 6500 levels would lead the rally towards the strong resistance at 6600 levels, and then finally towards the Major resistance at 6800 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1 - 6230 / $ 100.30 R1 - 6500 / $ 104.30
S2 - 6050/ $ 97.00 R2 - 6600/ $ 106.00
Weekly Recommendation: Buy MCX Crude March between 6200 - 6250, SL- 6050, Target - 6500 / 6600.