MCX Crude October as seen in the weekly chart below has opened the week gap down and also on its high at 6477 levels and then fell sharply, breaking both the supports towards 6341 levels.
Later prices recovered towards 6432 levels and finally closed lower from the previous week closing levels.
For the week we expect Crude prices to find support in the range of 6330 –6320 levels. Trading consistently below 6310 levels would lead towards the strong support at 6265 levels and then finally towards the major support at 6180 levels.
Resistance is now observed in the range of 6480-6490 levels. Trading consistently above 6500 levels would lead towards the strong resistance at 6564 levels, and then finally towards the Major resistance at 6660 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1- 6325/ $ 103 R1-6481 / $ 105
S2-6265 / $ 101.60 R2-6564 / $ 106.35
Weekly Recommendation: Buy MCX Crude October between 6335-6325, SL-6260, Target -6460.
Source: Angel Commodities