MCX Crude oil March as seen in the weekly chart above has opened the week at 3,358 levels and at the starting of the week prices corrected sharply towards low to 3,241 levels but later on as expected prices could not able to sustain on lower levels and bounced back towards the weekly high of 3,398 levels. At the end of the week prices corrected sharply again and made a low of 3,128 levels. This week prices closed below the previous week’s closing of 3,377 levels and finally closed 4.80% lower at 3,215 levels. Technically prices have formed “Bearish candlestick pattern” which indicates further weakness.
CRUDE OIL TRADING TRENDS :
CRUDE OIL SUPPORT & RESISTANCE LEVEL :
For the next week we expect Crude oil prices to find support in the range of 3,120 – 3,100 levels. Trading consistently below 3,100 levels would lead towards the strong support at 3,030 levels and then finally towards the major support at 2,950 levels.
Resistance is now observed in the range of 3,300 – 3,320 levels. Trading consistently above 3,320 levels would lead the rally towards the strong resistance at 3,420 levels and then finally towards the major resistance at 3,500 levels.
MCX / NYMEX Crude Oil Trading levels for the week
S1 – 3,120 / $ 49.00 R1 – 3,320 / $ 52.50
S2 – 3,030 / $ 47.80 R2 – 3,420 / $ 54.00
Mcx Crude Oil Weekly Calls / Weekly Recommendation:
Sell MCX Crude oil March between 3300 – 3320, SL – 3420, Target – 3120 / 3100