MCX Crude July as seen in the weekly chart above has opened at 4686 levels initially moved sharply lower, but found good support at 4578 levels. Later prices rallied sharply towards 4899 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect Crude prices to find support at 4575-4555 levels. Trading consistently below 4550 levels would lead towards the strong support at 4415 levels. Multiple closing below 4415 levels would indicate that the previous rally has come to end and thereby new leg down can be expected initially towards 4325 and then finally towards the major support at 4220 levels.
Resistance is now observed at 4775-4785 levels. Trading consistently above 4790 levels would renew the previous rally initially towards 4930 levels, then 4995 and then finally towards the Major resistance at 5056 levels.
For the next week we expect Crude prices to find support at 4575-4555 levels. Trading consistently below 4550 levels would lead towards the strong support at 4415 levels. Multiple closing below 4415 levels would indicate that the previous rally has come to end and thereby new leg down can be expected initially towards 4325 and then finally towards the major support at 4220 levels.
Resistance is now observed at 4775-4785 levels. Trading consistently above 4790 levels would renew the previous rally initially towards 4930 levels, then 4995 and then finally towards the Major resistance at 5056 levels.
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