Weekly Report Commodity 04th Oct 2010 to 09th

Posted by Bhupendra Adhav on Tuesday, October 5, 2010

Technical Analysis CRUDE OIL

Weekly Pivots                                                                                                           

SCRIPT                R4         R3      R2         R1        P         S1        S2        S3        S4  

CRUDE OIL    98.30     92.07   85.84     83.71  79.61   77.48    73.38    67.15    60.92    

Weekly Chart


Market Overview

NYMEX Crude is consolidating on charts. Last week Crude Oil break its psychological resistance of 80$ a barrel and closed above that. For the coming week 74$ will act as major support and 83$ a barrel will be a major resistance.

Strategy

For the next week traders can use buy on lower level strategy, if NYMEX Crude break the level of 83$ a barrel and sustains above that then it can slightly come up and touch the level of 85$ a barrel. Trade by keeping the proper stop loss. 


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