Crude Oil In Downtrend: Selling Recommendations
CommodityOnline | Jun 10, 2014 05:31AM ET
MCX June crude oil, as seen in the weekly chart has opened the week at the 6,115 level and made a weekly high of 6,159. As expected this week, prices were not able to sustain higher levels and corrected back towards the weekly low of 6,013. Prices have closed this week below the previous week’s closing of 6,106 and finally closed 0.80% lower at 6,057. As per the candlestick pattern, it formed a “Bearish Candlestick Pattern” which represents the bearish trend for the coming trading session.
For the next week, we expect crude oil prices to find support in the range of 6,010 – 6,000. Trading consistently below 6,000 would lead towards the strong support at 5,950 levels.
Resistance is now observed in the range of 6,120-6,130. Trading consistently above 6,130 would lead the rally towards the strong resistance at 6,190 and then finally towards the major resistance at 6,250 .
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Down
S1 – 6,000 / $ 101.70 R1 – 6,130 / $ 104.00
S2 – 5,950 / $ 100.70 R2 – 6,190/ $ 105.00
Weekly Recommendation: Sell MCX Crude Oil June between 6120 – 6130, SL- 6200, Target – 6000 / 5950
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