Crude Oil Aug In Down Trend, Resistance At 6050 - 6060 Levels
CommodityOnline | Aug 04, 2014 05:49AM ET
Trading consistently above 6,060 levels would lead the rally towards the strong resistance at 6,140 levels, and then finally towards the major resistance at 6,200 levels.
MCX Crude oil Aug as seen in the weekly chart above has opened the week at 6,125 levels and prices made a high of 6,149 levels. During this week price could not able to sustain at higher levels and fell sharply lower making week low of 5,938 levels and finally closed 2.86% lower at 5,974 levels. This week formed strong bearish candle indicating downside strength.
For the next week we expect Crude oil prices to find support in the range of 5,900 – 5,910 levels. Trading consistently below 5,900 levels would lead towards the strong support at 5,820 levels and then finally towards the major support at 5,750 levels.
Resistance is now observed in the range of 6,050 - 6,060 levels. Trading consistently above 6,060 levels would lead the rally towards the strong resistance at 6,140 levels, and then finally towards the major resistance at 6,200 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1 – 5,900 / $ 96.60 R1 – 6,060 / $ 99.30
S2 – 5,820 / $ 95.30 R2 – 6,140 / $ 100.60
Weekly Recommendation: Sell MCX Crude Oil Aug between 6050 – 6060, SL – 6140, Target – 5900 / 5820
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