Mcx Crude Oil Weekly Outlook – MCX Crude oil April as seen in the weekly chart above has opened the week at 3,075 levels and during the week open and low were the same levels. At the starting of the week prices rallied sharply and made a weekly high of 3,365 levels but in the mid of the week prices could not able to sustain on higher levels and corrected sharply towards 3,132 levels. This week prices have closed above the previous week’s closing of 3,037 levels and finally closed 6.03% higher at 3,220 levels. Technically, prices have formed “Bullish candlestick pattern” indicating further strength.
Mcx Crude Oil Support & Resistance Level :
For the next week we expect Crude oil prices to find support in the range of 3,150 – 3,130 levels. Trading consistently below 3,130 levels would lead towards the strong support at 3,060 levels and then finally towards the major support at 2,980 levels.
Resistance is now observed in the range of 3,330 – 3,350 levels. Trading consistently above 3,350 levels would lead the rally towards the strong resistance at 3,420 levels, and then finally towards the major resistance at 3,500 levels.