Mcx Crude Oil Weekly Outlook – MCX Crude oil February as seen in the weekly chart above has opened the week at 3,333 levels and at the starting of the week prices corrected sharply towards weekly low to 3,090 levels but later on as expected prices could not able to sustain on lower levels and bounced back towards the weekly high of 3,407 levels. This week prices closed above the previous week’s closing of 3,337 levels and finally closed 1.20% higher at 3,377 levels. Technically prices have formed “Hammer Candlestick pattern” which indicates further strength.
Crude Oil Support & Resistance Level :
For the next week we expect Crude oil prices to find support in the range of 3,300 – 3,270 levels. Trading consistently below 3,270 levels would lead towards the strong support at 3,200 levels and then finally towards the major support at 3,080 levels.
Resistance is now observed in the range of 3,460 – 3,480 levels. Trading consistently above 3,480 levels would lead the rally towards the strong resistance at 3,550 levels and then finally towards the major resistance at 3,700 levels.