Crude Oil Weekly Outlook – MCX Crude oil May as seen in the weekly chart above has opened the week at 3,649 levels and made high of 3719 levels. During this week prices fell sharply lower towards the weekly low of 3,520 levels. But could not sustain at lower levels and prices rallied sharply higher towards the week’s high and made a high of 3710 levels. This week prices closed above the previous week’s closing of 3,609 levels and finally closed 1.14% higher at 3,650 levels. Technically, as per the candlestick pattern prices have formed “Doji candlestick” indicating indecisiveness.
Crude Support & Resistance Level :
For the next week we expect Crude oil prices to find support in the range of 3,530 – 3,540 levels. Trading consistently below 3,530 levels would lead towards the strong support at 3,450 levels and then finally towards the major support at 3,375 levels.
Resistance is now observed in the range of 3,710 – 3,720 levels. Trading consistently above 3,720 levels would lead the rally towards the strong resistance at 3,790 levels, and then finally towards the major resistance at 3,880 levels.