6345/6100 will act as major supports levels for MCX Crude Oil March Futures - CapitalVia

Commodity market outlook - Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited

Crude oil futures edged lower during early European trading hours on Friday, as civil unrest in Ukraine continued to curb risk appetite and fuel fears of weaker oil demand. U.S. oil production surged in 2013 to the highest level in 25 years as a boom in shale drilling boosted output, the Energy Information Administration (EIA) said on Thursday. EIA further added that Global spare oil production capacity inched higher in January and February as demand eased. We expect Crude Oil prices to move in a range as unrest in Ukraine and negative outlook for Crude over higher supplies and lower demand can keep the prices in range.

For the coming week 6345/6100 will act as major supports levels whereas 6700/7000 will act as major resistance in MCX Crude oil March futures. For the next week, trader can go for buy on lower level strategy, if MCX Crude March future sustain above 6437 levels then it could test the levels 6535/6700.

Source : Equity Bulls

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