MCX Crude April In Uptrend, Resistance At 6200-6250 Levels
CommodityOnline | Mar 31, 2014 05:42AM ET
MCX Crude oil April as seen in the weekly chart above has opened the week at 6,111 levels and during this week price made a low of 5,994 levels. Prices could not able to breach the support of 5,950 levels and bounced from these levels towards 6,148 levels. During this week prices closed 0.10% down. As per the candlestick formation we saw that prices has made almost “Triple Bottom” type of structure which indicates some positivity may be seen in the prices in coming time.
For the next week we expect Crude oil prices to find support in the range of 6,000 – 5,950 levels. Trading consistently below 5,950 levels would lead towards the strong support at 5,800 levels and then finally towards the major support at 5,750 levels.
Resistance is now observed in the range of 6,200-6,250 levels. Trading consistently above 6,250 levels would lead the rally towards the strong resistance at 6,450 levels, and then finally towards the Major resistance at 6,600 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Up
S1 – 6,000 / $ 99.80 R1 – 6,250 / $ 103.90
S2 – 5,800 / $ 96.50 R2 – 6,450/ $ 107.00
Weekly Recommendation: Buy MCX Crude Oil April between 6,000 – 6,050, SL - 5,920, Target – 6,220 / 6,250.
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