Crude Oil Sep Up Trend, Resistance At 5900-5910
CommodityOnline | Sep 01, 2014 06:12AM ET
Trading consistently above 5,910 levels would lead the rally towards the strong resistance at 5,960 levels, and then finally towards the major resistance at 6.050 levels.
MCX Crude oil Sept as seen in the weekly chart above has opened the week at 5,690 levels and it made a low of 5,666 levels. During this week could not able to sustain on the support zone of 5,660 – 5,650 levels and bounced from the lower levels towards the weekly high of 5,838 levels. In this week prices have closed above previous week’s closing of 5,679 levels and finally closed 2.68% higher at 5,831 levels. Technically, as per the candlestick pattern it formed a “Bullish Pattern” which is the sign of optimism.
For the next week we expect Crude oil prices to find support in the range of 5,750 – 5,760 levels. Trading consistently below 5,750 levels would lead towards the strong support at 5,660 levels and then finally towards the major support at 5,580 levels.
Resistance is now observed in the range of 5,900 - 5,910 levels. Trading consistently above 5,910 levels would lead the rally towards the strong resistance at 5,960 levels, and then finally towards the major resistance at 6.050 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1 – 5,750 / $ 92.00 R1 – 5,900 / $ 94.40
S2 – 5,650 / $ 91.00 R2 – 5,960 / $ 96.50
Weekly Recommendation: Buy MCX Crude Oil September between 5740 – 5760, SL – 5650, Target – 5900 / 5930
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