Crude Oil Weekly Outlook – MCX Crude oil December as seen in the weekly chart above has opened the week at 4,185 levels and prices made a high of 4,318 levels. During this week price could not sustain higher levels and fell sharply lower towards the low of 3,982 levels. This week prices have closed 2.14% lower at 4,120 levels. Prices at lowest level in 37 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 3,980 – 3,990 levels. Trading consistently below 3,980 levels would lead towards the strong support at 3,870 levels and then finally towards the major support at 3,800 levels.
Resistance is now observed in the range of 4,210 – 4,220 levels. Trading consistently above 4,220 levels would lead the rally towards the strong resistance at 4,320 levels, and then finally towards the major resistance at 4,440 levels