Crude Oil July in Up trend, Buying recommendation
CommodityOnline | Jun 16, 2014 05:35AM ET
MCX Crude oil July as seen in the weekly chart above has opened the week at 6,054 levels and during this week price made a low of 6,052 levels. During this week prices could not able to sustain lower levels and rallied sharply higher towards the weekly high of 6,397 levels. This week prices have closed at highest levels in 13 weeks and finally closed 5.61% higher at 6,384 levels. As per the candlestick pattern it formed a “Bullish Candlestick Pattern” which represents the bullish trend for coming trading session.
For the next week we expect Crude oil prices to find support in the range of 6,280 – 6,290 levels. Trading consistently below 6,280 levels would lead towards the strong support at 6,200 levels and then finally towards the major support at 6100 levels.
Resistance is now observed in the range of 6,430-6,440 levels. Trading consistently above 6,440 levels would lead the rally towards the strong resistance at 6,480 levels, and then finally towards the major resistance at 6,560 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1 – 6,280 / $ 105.00 R1 – 6,430 / $ 107.50
S2 – 6,200 / $ 103.70 R2 – 6,480/ $ 108.40
Weekly Recommendation: Buy MCX Crude Oil July between 6290 – 6280, SL- 6200, Target – 6430 / 6480
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