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MCX Crude Oil In Sideways Trend

Published 03/24/2014, 03:40 AM
Updated 05/14/2017, 06:45 AM

Crude Oil

MCX Crude oil April as seen in the weekly chart above has opened the week at 6,056 levels and during this price made a low of 5,975 levels. As expected prices could not able to breach the support 5,900 levels and bounced from these levels towards 6,135 levels. During this week prices moved 0.81% up and able to close above previous week’s low of 5,982 levels and finally closed at 6,121 levels.

For the next week we expect Crude 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 6,450 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: Sideways
S1 – 5,950 / $ 96.00 R1 – 6,250 / $ 101.50
S2 – 5,800 / $ 94.50 R2 – 6,450/ $ 105

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