NYMEX Crude is in consolidation phase. Last week Crude Oil was down for most part of week and sustaining at lower levels. For the coming week 95$ and 92$ 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 4900 and 5200 and major supports will be 4600 and 4380.
Resistance: 109.89 - 100.94
Support: 95.09 - 86.49
Strategy: For this week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 96.00 $ a barrel then below the level of 95.50 $ a barrel it can test the level of 94$/92$ a barrel and in MCX if Crude sustains below 4800 then below 4700 it can test the level of 4620/ 4550 in this week. Trade by keeping the proper stop loss.
Resistance: 109.89 - 100.94
Support: 95.09 - 86.49
Strategy: For this week traders can use sell on higher level strategy, if NYMEX Crude sustains below the level of 96.00 $ a barrel then below the level of 95.50 $ a barrel it can test the level of 94$/92$ a barrel and in MCX if Crude sustains below 4800 then below 4700 it can test the level of 4620/ 4550 in this week. Trade by keeping the proper stop loss.
