Crude Oil futures rise to nearly 3 week high on Friday

Fundamental & Technical Outlook on Commodities

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

Crude oil futures rose nearly three-week highs on Friday, as still supported by data on Thursday showing that U.S. jobless claims fell to the lowest level since late November last week, while U.S. economic fourth quarter growth was revised higher. Oil prices also remained supported after the U.S. and the European Union agreed on Wednesday to work together to prepare tougher sanctions against Russia and to make Europe less dependent on Russian gas.

For the coming week 5990/5700 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 buy on lower level strategy, if MCX Crude April future sustain above 6155 levels then it could test the levels 6225/6330.

Source : Equity Bulls

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