Fundamental & Technical Outlook on Commodities - Energy
Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited
Crude oil futures slipped lower during early European trading hours on Friday, as disappointing Chinese trade data continued to weigh on the commodity, while markets eyed the release of U.S. economic reports later in the day. We expect Crude Oil prices to move down for the week over statement by OPEC and lower physical demand in international market. Any major uncertainty can keep the prices on hold.
For the coming week 5900/5700 will act as major supports levels whereas 6330/6500 will act as major resistance in MCX Crude oil April futures. For the next week, trader can use sell on higher level strategy, if MCX Crude April future sustain below 6173 levels then it could test the levels 6060/5900.