MCX Crude December as seen in the weekly chart below has opened the week at 5983 levels initially moved lower, but has found very good support at 5933 levels. Later prices rallied sharply towards 6108 levels and finally closed higher from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 5950 –5940 levels. Trading consistently below 5930 levels would lead towards the strong support at 5850 levels and then finally towards the major support at 5785 levels.
Resistance is now observed in the range of 6110-6120 levels. Trading consistently above 6130 levels would lead towards the strong resistance at 6200 levels, and then finally towards the Major resistance at 6280 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1- 5942/ $ 95.65 R1-6120 / $ 98.10
S2-5850/ $ 94.70 R2-6200 / $ 99.70
Weekly Recommendation: Buy MCX Crude December between 5960-5940, SL-5840, Target -6110.