Crude Oil June In Sideways Trend, Resistance At 6190-6200
CommodityOnline | Jun 02, 2014 06:05AM ET
MCX Crude oil June as seen in the weekly chart above has opened the week at 6,117 levels and during this week price made a high of 6,198 levels. During this week as expected prices could not able to sustain on higher levels and corrected back towards the weekly low of 6,055 levels. During this week price have closed below the previous week’s closing of 6,120 levels and finally closed 0.23% lower at 6,106 levels. As per the candlestick pattern it formed a “Doji Pattern” which represent indecisive trend.
For the next week we expect Crude oil prices to find support in the range of 6,040 – 6,030 levels. Trading consistently below 6,030 levels would lead towards the strong support at 5,950 levels.
Resistance is now observed in the range of 6,190-6,200 levels. Trading consistently above 6,200 levels would lead the rally towards the strong resistance at 6,270 levels, and then finally towards the major resistance at 6,350 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1 – 6,030 / $ 101.40 R1 – 6,200 / $ 104.30
S2 – 5,950 / $ 100.00 R2 – 6,270/ $ 105.80
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