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 this 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 4900 and 4600.
Resistance3- 109.83
Resistance2- 105.74
Resistance1- 103.65
Pivot Point- 101.65
Support1- 99.56
Support2- 97.56
Support3- 93.47
STRATEGY
For this week traders can use buy on lower level strategy, if NYMEX Crude sustains above the level of 102.50 $ a barrel then above the level of 103.40$ a barrel it can test the level of 104.45$/105.50$ a barrel and in MCX if Crude sustains above 5370 then above 5430 it can test the level of 5480/5530 in this week. Trade by keeping the proper stop loss.
Resistance3- 109.83
Resistance2- 105.74
Resistance1- 103.65
Pivot Point- 101.65
Support1- 99.56
Support2- 97.56
Support3- 93.47
STRATEGY
For this week traders can use buy on lower level strategy, if NYMEX Crude sustains above the level of 102.50 $ a barrel then above the level of 103.40$ a barrel it can test the level of 104.45$/105.50$ a barrel and in MCX if Crude sustains above 5370 then above 5430 it can test the level of 5480/5530 in this week. Trade by keeping the proper stop loss.
