Mcx Crude Oil Weekly Outlook – MCX Crude oil Jan as seen in the weekly chart has opened the week with gap down at 4,095 levels and open and high were the same levels. As expected during the week prices corrected sharply and made a new contract low of 3,646 levels. In the week prices closed below the previous week’s closing of 4,154 levels and finally closed 11.34% lower at 3,683 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick pattern” indicating weakness in the prices.
Crude Oil Support & Resistance Level Report for Upcoming Next Week :
For the next week we expect Crude oil prices to find support in the range of 3,600 – 3,580 levels. Trading consistently below 3,580 levels would lead towards the strong support at 3,500 levels and then finally towards the major support at 3,450 levels.
Resistance is now observed in the range of 3,780 – 3,800 levels. Trading consistently above 3,800 levels would lead the rally towards the strong resistance at 3,920 levels, and then finally towards the major resistance at 4,000 levels.