WEEKLY COMMODITY REPORT 18th Oct 2010 to 23rd Oct 2010

Technical Analysis CRUDE OIL

Weekly Chart

Weekly Pivots

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 

Market Overview

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.

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. Trade by keeping the proper stop loss. 

Weekly Report Commodity 04th Oct 2010 to 09th

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.