MCX / NYMEX Crude Oil Trading levels for the week (13.08.2012 to 17.08.2012)
MCX Crude August as seen in the weekly chart above has opened at 5062 levels initially moved lower, but found good support at 5040 levels. Later prices rallied sharply towards 5225 and finally closed higher from the previous weeks closing levels.
For the next week we expect Crude prices to find support at 5047-5030 levels and further below strong support is seen at 4955-4935 levels. Daily closing below 4930 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4860 levels, then 4782 and then finally towards the major support at 4732 levels.
Resistance is now observed in the range of 5220-5240 levels. Trading consistently above 5250 levels would renew the previous rally initially towards 5315 levels, then 5370 and then finally towards the Major resistance at 5440 levels.
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