MCX Crude Feb contract closed on last day of previous week at 4088 per barrel, down by 29 rupees against previous week’s close of 4117. The contract opened downside flat at 4085 made the same level as an intraday high and last traded at 4068 down by 20 rupees. The said contract made an intraday low of 4048.
Crude future prices are likely to fall further and could touch 4030-3970 levels within next few trading days.
Support for Crude is seen at 4040 and below it; prices can test 3990 while the resistance levels are seen at 4100 and 4155 respectively. 14 days RSI for MCX Crude Feb contract is at 46 levels, which shows that Crude prices are falling steadily.
Short term range for MCX Crude Feb contract is seen at 3900-4200. Intraday traders can sell MCX Crude Feb contract near 4100 keeping a stop loss of 4135 and can wait for the targets of 4060-4020.