MCX Crude December as seen in the weekly chart above has opened the week at 5835 levels initially moved lower, but has found very good support at 5784 levels. Later prices rallied sharply breaking both the resistance levels towards 6105 levels and finally closed sharply higher from the previous week closing levels, according to a weekly review by Angel Commodites.
For the next week we expect Crude prices to find support in the range of 5910 –5890 levels. Trading consistently below 5880 levels would lead towards the strong support at 5786 levels and then finally towards the major support at 5635 levels.
Resistance is now observed in the range of 6120-6130 levels. Trading consistently above 6150 levels would lead towards the strong resistance at 6247 levels, and then finally towards the Major resistance at 6300 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1- 5910/ $ 96.10 R1-6124 / $ 99.60
S2-5786 / $ 94.10 R2-6247 / $ 101.60
Weekly Recommendation: Buy MCX Crude December between 5920-5900, SL-5810, Target -6120, Angel Commodities report added.