MCX Crude February as seen in the weekly chart above has opened the week at 6180 levels initially moved sharply higher, and as expected found good resistance at 6280 levels. Later prices fell sharply towards 6156 levels and finally closed higher from the previous week closing levels.
For the next week we expect Crude prices to find support in the range of 6145 –6125 levels. Trading consistently below 6100 levels would lead towards the strong support at 6048 levels and then finally towards the major support at 5963 levels.
Resistance is now observed in the range of 6265-6285 levels. Trading consistently above 6315 levels would lead towards the strong resistance at 6390 levels, and then finally towards the Major resistance at 6453 levels.
MCX / NYMEX Crude Oil Trading levels for the week
Trend: Sideways
S1- 6145/ $ 99.20 R1-6265 / $ 101.45
S2-6048/ $ 98.00 R2-6390/ $ 102.55
Weekly Recommendation: Buy MCX Crude February between 6145-6135, SL-6080, Target -6265.