Mr. Vivek Gupta – Director Research - CapitalVia Global Research Limited
Crude oil prices were unchanged on Friday, as markets awaited the release of U.S. nonfarm payrolls data later in the day after last week's jobless claims came out higher than expected. Market participants were now eyeing U.S. nonfarm payrolls data to be released later in the day for further indications on the strength of the job market after recent employment reports fuelled investors' concerns. We expect crude oil prices to trade in range. Strong Economic data from China and ECB decision to cut its benchmark interest rates to boost economic growth fuelled the expectations among the investors that the demand for crude oil may go up.
For the coming week 5950/5700 will act as major supports levels whereas 6350/6500 will act as major resistance in MCX Crude oil June futures. For the next week, trader can use buy on lower level strategy, if MCX Crude June future sustain above 6112 levels then it could test the levels 6180/6339.