Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited
Crude oil futures were steady during early European trading hours on Friday, hovering close to six-week lows as markets were jittery ahead of the release of U.S. nonfarm payrolls data later in the day. Futures were likely to find support at $98.10 a barrel, the low from April 23 and resistance at $100.59 a barrel, the high from April 30. Investors were looking ahead to the upcoming April nonfarm payrolls report, which was expected to show that the recovery in the labour market was continuing.
For the coming week 5850/5600 will act as major supports levels whereas 6200/6500 will act as major resistance in MCX Crude oil May futures. For the next week, trader can use buy on lower level strategy, if MCX Crude May future sustain above 6050 levels then it could test the levels 6150/6300.