6300/6100 will act as major supports levels in MCX Crude oil July futures - CapitalVia

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

NYMEX Crude oil prices increased by 0.43 percent in yesterday's trading session on the back of weakness in DX, rise in worries over oil disruption from Iraq due to geopolitical tension and ongoing dispute between Russia and Ukraine. Further, US Federal Reserve committed to retain accommodative monetary policy buoyed prices to trade in green. Additionally, strong economic data from US acted as a positive factor for the prices. However, sharp upside was capped as Federal Reserve slashed its forecast for economic growth and reduced its monthly bond buying program by $10B to $35B.

For the coming week 6300/6100 will act as major supports levels whereas 6670/6800 will act as major resistance in MCX Crude oil July futures. For the next week, trader can use buy on lower level strategy, if MCX Crude July future sustain above 6450 levels then it could test the levels 6540/6670.

Source : Equity Bulls

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