CRUDE OIL UPDATES :- MCX Crude August as seen in the weekly chart above has opened on its high at 5078 levels and then fell sharply lower breaking both the supports, but finally found support at 4896 levels. Later prices recovered towards 5016 and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Crude prices to find support at 4950-4930 levels and then strong support is seen at 4875-4855 levels. Multiple closing below 4850 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4780 and then finally towards the major support at 4660 levels.
Resistance is now observed in the range of 5086-5096 levels. Trading consistently above 5100 levels would lead towards the strong resistance at 5170 levels and then finally towards the Major resistance at 5270 levels.
For the next week we expect Crude prices to find support at 4950-4930 levels and then strong support is seen at 4875-4855 levels. Multiple closing below 4850 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4780 and then finally towards the major support at 4660 levels.
Resistance is now observed in the range of 5086-5096 levels. Trading consistently above 5100 levels would lead towards the strong resistance at 5170 levels and then finally towards the Major resistance at 5270 levels.
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