Crude Oil Resistance In 6090-6110 Range, Sideways Up
CommodityOnline | Nov 25, 2013 05:10AM ET
MCX Crude December as seen in the weekly chart above has opened the week at 5981 levels initially moved sharply lower, and as expected has found very strong support at 5841 levels. Later prices rallied sharply towards 6063 levels and finally closed Unchanged from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 5965 –5945 levels. Trading consistently below 5930 levels would lead towards the strong support at 5865 levels and then finally towards the major support at 5743 levels.
Resistance is now observed in the range of 6090-6110 levels. Trading consistently above 6120 levels would lead towards the strong resistance at 6187 levels, and then finally towards the Major resistance at 6292 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways Up
S1- 5965/ $ 94.50 R1-6090 / $ 95.95
S2-5865 / $ 93.50 R2-6187 / $ 97.00
Weekly Recommendation: Buy MCX Crude December between 5965-5955, SL-5900, Target -6085.
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