MCX Crude January as seen in the weekly chart above has opened the week at 6248 levels initially made a high of 6258 and then fell sharply lower breaking both the support levels and even breaking the previous three weeks low at 5987 finally made a low of 5882 levels 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 5770 –5750 levels. Trading consistently below 5740 levels would lead towards the strong support at 5636 levels and then finally towards the major support at 5550 levels.
Resistance is now observed in the range of 6010-6020 levels. Trading consistently above 6040 levels would resume the uptrend leading initially towards the strong resistance at 6142 levels, and then finally towards the Major resistance at 6388 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1- 5770/ $ 91.85 R1-6010 / $ 96.15
S2-5636/ $ 89.60 R2-6142/ $ 98.45
Weekly Recommendation: Sell MCX Crude January between 6010-6020, SL-6161, Target -5770.