Crude (March):- NYMEX Crude is in consolidation phase. Last week Crude Oil was up for most part of week. For this week 90$ and 85$ 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 5300 and 5550 and major supports will be 4700 and 4500.
Resistance: 106.91 - 100.62.
Support: 96.28 - 89.55.
Resistance: 106.91 - 100.62.
Support: 96.28 - 89.55.
Strategy: For this week traders can use buy on lower level strategy, if NYMEX Crude sustains above the level of 99.00 $ a barrel then above the level of 99.50 $ a barrel it can test the level of 100.30$/101.20$ a barrel and in MCX if Crude sustains above 4930 then above 4960 it can test the level of 5010/5070 in this week. Trade by keeping the proper stop loss.
