Crude Oil Nov Down, Support At 4900-4880s
CommodityOnline | Oct 27, 2014 05:03AM ET
Resistance is now observed in the range of 5,040 - 5,050 levels. Trading consistently above 5,050 levels would lead the rally towards the strong resistance at 5,160 levels, and then finally towards the major resistance at 5,300 levels.
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MCX Crude oil Nov. as seen in the weekly chart above has opened the week at 5,080 levels and made a high of 5,118 levels. During this week as expected priced corrected sharply and made a low of 4,945 levels. In the week prices closed below the previous week’s closing of 4,968 levels and finally closed 2.30% lower at 4,945 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick pattern” indicating weakness in the prices.
For the next week we expect Crude oil prices to find support in the range of 4,900 – 4,880 levels. Trading consistently below 4,880 levels would lead towards the strong support at 4,820 levels and then finally towards the major support at 4,750 levels.
Resistance is now observed in the range of 5,040 - 5,050 levels. Trading consistently above 5,050 levels would lead the rally towards the strong resistance at 5,160 levels, and then finally towards the major resistance at 5,300 levels.
MCX / NYMEX Crude Oil Trading levels for the week
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Trend: Down
S1 – 4,900 / $ 80.00 R1 – 5,060 / $ 82.80
S2 – 4,820 / $ 78.50 R2 – 5,160 / $ 84.50
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Weekly Recommendation: Sell MCX Crude Oil November between 5050 – 5070, SL – 5180, Target – 4900 / 4850
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