6150/6330 to act as major resistance in MCX Crude Oil April Futures

Fundamental & Technical Outlook on Commodities - Energy

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

Crude oil prices moved down despite positive US data as highly oversupplied market and muted physical demand kept the lid on the prices. European leaders will agree to expend a list of those subject to travel bans and asset freezes on Friday but stop short of harder-hitting measures against Russia. We expect Crude Oil prices to move down as easing tensions in Russia and over supplied market can push the prices down.

For the coming week 5800/5600 will act as major supports levels whereas 6150/6330 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 6030 levels then it could test the levels 5930/5800.

Source : Equity Bulls

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