MCX Crude December as seen in the weekly chart above has opened the week on its high at 5974 levels and then fell sharply lower breaking both the support levels towards 5761 levels. Later prices recovered towards 5885 levels and finally closed lower from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 5745 –5735 levels. Trading consistently below 5720 levels would lead towards the strong support at 5645 levels and then finally towards the major support at 5517 levels.
Resistance is now observed in the range of 5910-5920 levels. Trading consistently above 5930 levels would lead towards the strong resistance at 6016 levels, and then finally towards the Major resistance at 6120 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1- 5735/ $ 91.45 R1-5912 / $ 94.35
S2-5645 / $ 90.10 R2-6016 / $ 96.00
Weekly Recommendation: Buy MCX Crude December between 5745-5735, SL-5690, Target -5910.
OR
Sell MCX Crude December between 5910-5930, SL-6021, Target -5745