NYMEX Crude is in consolidation phase. Last week Crude Oil was up for most part of week but was not able to sustain neither at higher level nor at lower level. For the coming week 85$ and 80$ will act as major supports and 105$ and 110$ a barrel will be a major resistance in NYMEX Crude. In MCX Crude Oil major resistance is found at 5400 and 5600 and major supports will be 4700 and 4400.
Resistance: 107.95 - 101.06
Support: 96.81 - 91.11
This next week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 100.00 $ a barrel then below the level of 97.90 $ a barrel it can test the level of 96.80$/95.20$ a barrel and in MCX if Crude sustains below 5030 then below 4950 it can test the level of 4910/4850 in this week. Trade by keeping the proper stop loss.
Resistance: 107.95 - 101.06
Support: 96.81 - 91.11
This next week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 100.00 $ a barrel then below the level of 97.90 $ a barrel it can test the level of 96.80$/95.20$ a barrel and in MCX if Crude sustains below 5030 then below 4950 it can test the level of 4910/4850 in this week. Trade by keeping the proper stop loss.
0 comments:
Post a Comment