Mcx Crude Oil Outlook - MCX Crude oil July as seen in the weekly chart above has opened the week at 3,885 levels and made a high of 3,989 levels. But could not sustain on higher levels prices fell sharply lower towards making the weekly new low of 3,781 levels. This week prices closed below the previous week’s closing of 3,910 levels and finally closed 2.61% lower at 3,808 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick”.
Mcx Crude Oil Support Level :
For the next week we expect Crude oil prices to find support in the range of 3,730 – 3,740 levels. Trading consistently below 3,730 levels would lead towards the strong support at 3,670 levels and then finally towards the major support at 3,600 levels.
Mcx Crude Oil Resistance Level :
Resistance is now observed in the range of 3,880 – 3,890 levels. Trading consistently above 3,890 levels would lead the rally towards the strong resistance at 3,950 levels, and then finally towards the major resistance at 4,000 levels.