Crude Oil Weekly Outlook - MCX Crude oil June as seen in the weekly chart above has opened the week at 3,847 levels and made a high of 3,935 levels. But could not sustain on higher levels prices fell sharply lower towards making the weekly new low of 3656 levels. This week prices closed below the previous week’s closing of 3,869 levels and finally closed 3.28% lower at 3,742 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick”.
Crude Oil Support Level :
For the next week we expect Crude oil prices to find support in the range of 3,620 – 3,630 levels. Trading consistently below 3,620 levels would lead towards the strong support at 3,550 levels and then finally towards the major support at 3,460 levels.
Crude Oil Resistance Level :
Resistance is now observed in the range of 3,820 – 3,830 levels. Trading consistently above 3,830 levels would lead the rally towards the strong resistance at 3,940 levels, and then finally towards the major resistance at 4,010 levels.