Posted by Bhupendra Adhav on Saturday, October 16, 2010
Technical Analysis CRUDE OIL
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE OIL 92.15 88.87 85.41 83.33 82.04 79.96 78.67 75.30 71.93
NYMEX Crude is consolidating on charts. Last week Crude Oil break the important level of 84$ but was not able to sustain near it. For the coming week 80$ 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 3735 and 3880 and major supports will be 3550 and 3475.
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. Trade by keeping the proper stop loss.
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