MCX Crude December as seen in the weekly chart below has opened the week at 6083 levels initially moved higher, but has found very good resistance at 6165 levels. Later prices fell sharply towards 5960 levels and finally closed sharply lower from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 5920 –5910 levels. Trading consistently below 5900 levels would lead towards the strong support at 5834 levels and then finally towards the major support at 5653 levels.
Resistance is now observed in the range of 6040-6050 levels. Trading consistently above 6065 levels would lead towards the strong resistance at 6120 levels, and then finally towards the Major resistance at 6244 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1- 5916/ $ 93.15 R1-6040 / $ 95.65
S2-5834 / $ 91.90 R2-6120 / $ 96.95
Weekly Recommendation: Sell MCX Crude December between 6035-6045, SL-6095, Target -5925