Crude May In Uptrend, Resistance At 6450-6500 Levels
CommodityOnline | Apr 21, 2014 06:09AM ET
MCX Crude oil May as seen in the weekly chart above has opened the week at 6,266 levels and during this week price made a low of 6,201 levels. Prices could not able to breach the support of 6,200 levels and bounced from lower levels towards 6,319 levels. During this week prices able to close above the previous week’s closing of 6,258 levels and finally closed 0.14% higher on 6,267 levels. As per the trend formation prices has giving positive closing from last two consecutive weeks which may be positive for further trading sessions.
For the next week we expect Crude oil prices to find support in the range of 6,150 – 6,100 levels. Trading consistently below 6,100 levels would lead towards the strong support at 6,050 levels and then finally towards the major support at 5,900 levels.
Resistance is now observed in the range of 6,450-6,500 levels. Trading consistently above 6,500 levels would lead the rally towards the strong resistance at 6,600 levels, and then finally towards the major resistance at 6,700 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1 – 6,150 / $ 102.30 R1 – 6,450 / $ 107.30
S2 – 6,050 / $ 100.50 R2 – 6,600/ $ 109.90
Weekly Recommendation: Buy MCX Crude Oil May between 6,150 – 6,200, SL - 6,050, Target – 6,400 / 6,450.
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