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Crude Oil July Closes 2.23% Low At 6,222 Levels

ByCommodityOnline
Published 07/07/2014, 06:16 AM
Updated 05/14/2017, 06:45 AM

MCX Crude oil July as seen in the weekly chart below has opened the week at 6,355 levels and prices made a high of 6,395 levels. As expected during this week price could not able to sustain on resistance zone of 6,390 – 6,400 levels and corrected towards the low of 6,191 levels. This week prices closed below the previous week’s closing of 6,364 levels and finally closed 2.23% lower at 6,222 levels. As per the candlestick pattern prices have formed a “Bearish Candlestick Pattern” which is negative sign for further upcoming trading sessions.



For the next week we expect Crude oil prices to find support in the range of 6,120 – 6,100 levels. Trading consistently below 6,100 levels would lead towards the strong support at 6,040 levels and then finally towards the major support at 5,950 levels.

Resistance is now observed in the range of 6,290-6,300 levels. Trading consistently above 6,300 levels would lead the rally towards the strong resistance at 6,390 levels, and then finally towards the major resistance at 6,460 levels.

MCX / NYMEX Crude Oil Trading levels for the week

Trend: Down

S1 – 6,120 / $ 102 R1 – 6,300 / $ 105

S2 – 6,040 / $ 100.60 R2 – 6,390 / $ 106.50

Weekly Recommendation: Sell MCX Crude Oil July between 6290 – 6300, SL – 6400, Target – 6120 / 6100

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