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Crude Oil Witness Support At 4550-4560s, Selling

By CommodityOnlineCommoditiesNov 17, 2014 05:10AM ET
www.investing.com/analysis/crude-oil-witness-support-at-4550-4560s,-selling-232744
Crude Oil Witness Support At 4550-4560s, Selling
By CommodityOnline   |  Nov 17, 2014 05:10AM ET
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Resistance is now observed in the range of 4,770 - 4,780 levels. Trading consistently above 4,780 levels would lead the rally towards the strong resistance at 4,860 levels, and then finally towards the major resistance at 4,950 levels.



MCX Crude oil December as seen in the weekly chart above has opened the week at 4,885 levels and prices made a high of 4,947 levels. During this week price could not sustain higher levels and fell sharply lower towards the low of 4,552 levels. This week prices have closed 4.03% lower at 4,689 levels, its lowest level in 25 months. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating downside move.

For the next week we expect Crude oil prices to find support in the range of 4,550 – 4,560 levels. Trading consistently below 4,550 levels would lead towards the strong support at 4,450 levels and then finally towards the major support at 4,380 levels.

Resistance is now observed in the range of 4,770 - 4,780 levels. Trading consistently above 4,780 levels would lead the rally towards the strong resistance at 4,860 levels, and then finally towards the major resistance at 4,950 levels.

MCX / NYMEX Crude Oil Trading levels for the week

Trend: Down

S1 – 4,550 / $ 73.60 R1 – 4,850 / $ 78.40
S2 – 4,450 / $ 72.00 R2 – 5,000 / $ 80.90

Weekly Recommendation: Sell MCX Crude Oil December between 4850 – 4880, SL – 5,000 Target – 4,550

Crude Oil Witness Support At 4550-4560s, Selling
 

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Crude Oil Witness Support At 4550-4560s, Selling

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