5600/5350 will act as major supports levels for MCX Crude oil September futures

Mr. Vivek Gupta, CMT - Director Research, CapitalVia Global Research Limited

Crude oil futures rose on Friday, amid speculation the commodity's drop to multi-month lows on Thursday was excessive as the announcement of a fresh round of sanctions against Russia lent support. On the New York Mercantile Exchange, U.S.crude oil for delivery in October traded at $93.24 a barrel during European afternoon trade, up 0.44%.Prices jumped 1.27% on Thursday to settle at $92.83. We expect crude oil prices to remain in range for the week as stronger dollar and sufficient supplies can keep the prices in range.

For the coming week 5600/5350 will act as major supports levels whereas 6000/6200 will act as major resistance in MCX Crude oil September futures. For the next week, trader can use buy on lower level strategy, if MCX Crude September future sustain above 5700 levels then it could test the levels 5820/5990.

Source : Equity Bulls

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