MCX Crude October as seen in the weekly chart above opened at 4618, made a low of 4616 and rallied till next session making a high of 4823. Selling pressure at highs of the week sent prices below the open at 4593. Buying at lower levels pushed prices back above opening and finally Crude Oil closed the week at 4712, positive for the week and above previous week’s close at 4712.
For the next week we expect Crude Oil prices to find Support at 4590 levels and further below strong support is seen at 4440. Trading below 4440 can take gold prices lower to 4375. Major support seen at 4050.
Resistance is now seen at 4830. Trading consistently above 4830 would take the Crude oil prices towards strong resistance at 5000. Above 5000 we can expect Crude oil to face next resistance at 5200 and Major resistance at 5350
MCX/NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1- 4590 / $ 83.80 R1- 4830/ $ 88.20
S2- 4440/ $ 81 R2- 5000 / $ 91.30
Recommendation: Buy MCX CRUDE Oil Nov between 4560-4610, SL - 4450, Target - 4775 / 4800