MCX Crude Oil Updates: MCX India Tips

In the morning Crude Oil prices were trading above $94/bbl, up by more than 0.40% in Globex electronic platform. Geopolitical tension in Korea and Iran might be supporting oil futures to take some cues. Kim Jong II will be heading the nuclear armed nation Korea, after death of his father. Likewise US and other major nations are planning for further sanction against Iran, the largest oil reservoir of OPEC.

Crude Oil prices are looking positive and expected for a bounce till 5070 – 5100 levels, traders are adviced to enter with a long position around 5010.
Crude Oil (Jan.): Support 4920 - 5000, Resistance 5030 - 5120.

MCX Crude Updates and Outlook for Today

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.

MCX Commoditiy Tips Updates for Today

MCX Gold (FEB.) Trend: Consolidate
Resistance2- 28050, Resistance1- 27740, Support1- 27140, Support2- 26850
Strategy: Sell on higher Levels.

MCX Silver (MAR.) Trend: Consolidate
Resistance2- 55600, Resistance1- 54900, Support1- 52300, Support2- 51200
Strategy: Sell on higher Levels.

MCX Crude Oil (DEC.) Trend: Consolidate
Resistance2- 5190, Resistance1- 5110, Support1- 4980, Support2- 4910
Strategy: Sell on higher Levels.

MCX Copper (FEB.) Trend: Consolidate
Resistance2- 402, Resistance1- 396, Support1- 386, Support2- 381
Strategy: Sell on higher Levels.

MCX Commodity Tips Updates for Today

On Comex Gold and Silver is looking at the boom. At Nymex Crude Oil is trading with 1.61% rise 98.31 dollars a barrel. The Brent crude with 1% strength has reached to $ 107.72 a barrel.
On Comex Gold is trading with strength of $ 22.5 at $ 1708.20 per ounce. On Comex Silver is trading with strength at 31.70 dollars per ounce levels. Copper on the London Metal Exchange rose to 2.5%.