Technical Analysis MCX CRUDE OIL
Weekly Chart
Weekly Pivots
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE 94.15 90.04 85.93 83.81 81.82 79.70 77.71 73.60 69.49
Market Overview
NYMEX Crude is consolidating on charts. Last week Crude Oil neither sustained on higher level nor at lower level. For the coming week 78$ will act as major support and 86$ a barrel will be a major resistance. In MCX Crude Oil for the next week major resistance is found at 3740 and 3880 and major supports will be 3550 and 3475.
Strategy
For the next week traders can use buy on lower level strategy, if NYMEX Crude break the level of 84.5$ a barrel and sustains above that then it can slightly come up and touch the level of 86$ a barrel and in MCX above 3740 Crude Oil can touch the level of 3800. Trade by keeping the proper stop loss.
