MCX Crude September as seen in the weekly chart above has opened at 5378 levels initially moved sharply higher, but found good resistance at 5425 levels. Later prices fell sharply towards 5292 and finally closed lower from the previous weeks closing levels.
For the next week we expect Crude prices to find support at 5288-5260 levels and further below strong support is seen at 5223-5203 levels. Daily closing below 5200 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 5133 levels, then 5053 and then finally towards the major support at 4940 levels.
Strong Resistance is now observed in the range of 5420-5450 levels. Trading consistently above 5450 levels would extend the previous week’s rally initially towards 5490 levels, then 5557 and then finally towards the Major resistance at 5600 levels. (NEAL BHAI)
For the next week we expect Crude prices to find support at 5288-5260 levels and further below strong support is seen at 5223-5203 levels. Daily closing below 5200 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 5133 levels, then 5053 and then finally towards the major support at 4940 levels.
Strong Resistance is now observed in the range of 5420-5450 levels. Trading consistently above 5450 levels would extend the previous week’s rally initially towards 5490 levels, then 5557 and then finally towards the Major resistance at 5600 levels. (NEAL BHAI)
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