MCX Crude November as seen in the weekly chart above has opened the week at 6270 levels initially moved sharply higher but has found very good resistance at 6386 levels.
Later prices fell sharply towards 6164 levels, but could not sustain bounced back higher towards 6280 levels and finally closed marginally lower from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 6140 –6120 levels. Trading consistently below 6100 levels would lead towards the strong support at 6040 levels and then finally towards the major support at 5895 levels.
Resistance is now observed in the range of 6265-6285 levels. Trading consistently above 6300 levels would lead towards the strong resistance at 6365 levels, and then finally towards the Major resistance at 6485 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1- 6140/ $ 99.85 R1-6265 / $ 101.50
S2-6040 / $ 98.55 R2-6365 / $ 102.80
Weekly Recommendation: Sell MCX Crude November between 6260-6280, SL-6371, Target -6050.
OR
Buy MCX Crude November between 6062-6040, SL-5979, Target -6260
Source: Angel Commodities