NYMEX Crude is in consolidation phase. Last week Crude Oil was down for most part of week and closed near to its week low. For this week 85$ and 80$ will act as major supports and 100$ and 105$ a barrel will be a major resistance in NYMEX Crude. In MCX Crude Oil major resistance is found at 5260 and 5400 and major supports will be 4680 and 4500.
Resistance: 104.49 - 99.01
Support: 90.28 - 87.03
For the week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 93.5 $ a barrel then below the level of 92.5$ a barrel it can test the level of 90.80$/89.80$ a barrel and in MCX if Crude sustains below 4900 then below 4850 it can test the level of 4790/4720 in this week. Trade by keeping the proper stop loss.
Resistance: 104.49 - 99.01
Support: 90.28 - 87.03
For the week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 93.5 $ a barrel then below the level of 92.5$ a barrel it can test the level of 90.80$/89.80$ a barrel and in MCX if Crude sustains below 4900 then below 4850 it can test the level of 4790/4720 in this week. Trade by keeping the proper stop loss.
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