MCX crude oil October as seen in the weekly chart above has opened the week at 6400 levels initially moved lower and as expected found very good support at 6315 levels. Later prices rallied sharply towards 6470 levels, but could not sustain fell back lower towards 6174 levels and finally closed sharply lower from the previous week closing levels.
For this week we expect Crude prices to find support in the range of 6100 –6090 levels. Trading consistently below 6080 levels would lead towards the strong support at 5987 levels and then finally towards the major support at 5770 levels.
Resistance is now observed in the range of 6280-6300 levels. Trading consistently above 6315 levels would lead towards the strong resistance at 6395 levels, and then finally towards the Major resistance at 6580 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1- 6100/ $ 100.40 R1-6280 / $ 102.65
S2-5987 / $ 99.00 R2-6395 / $ 103.65
Weekly Recommendation: Sell MCX Crude October between 6280-6300, SL-6405, Target -6100.