MCX Crude September as seen in the weekly chart above has opened at 5363 levels initially moved sharply higher and as expected found good resistance at 5424 levels. Later prices fell sharply towards 5257 levels and finally closed marginally higher from the previous weeks closing levels.
For the next week we expect Crude prices to find support at 5295-5285 levels. Trading consistently below 5280 levels would lead towards the strong support at 5130-5110 levels. Daily closing below 5100 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4990 levels and then finally towards the major support at 4893 levels.
Resistance is now observed in the range of 5456-5466 levels. Trading consistently above 5470 levels would extend the previous week’s rally initially towards 5548 levels and then finally towards the Major resistance at 5625 levels.
For the next week we expect Crude prices to find support at 5295-5285 levels. Trading consistently below 5280 levels would lead towards the strong support at 5130-5110 levels. Daily closing below 5100 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4990 levels and then finally towards the major support at 4893 levels.
Resistance is now observed in the range of 5456-5466 levels. Trading consistently above 5470 levels would extend the previous week’s rally initially towards 5548 levels and then finally towards the Major resistance at 5625 levels.
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