CapitalVia Global Research Limited
Crude oil prices were looking weak on Friday as weak economic data
from Euro zone raised concerns over demand from the region and Germany
too. German retail sales and consumer climate both fell below
expectations.
However, the downside was limited as the US refinery maintenance
season is about to end, which could help in reducing stockpiles as
refineries boost output. US President continued efforts to hold off more
sanctions on Iran ahead of the meet on November 7-8 to discuss the
nuclear program.
Crude oil prices are expected to go down as expectations of reduced
sanctions on Iran and optimism over a resolution to the Libyan oil
disruption can push prices down.
For the coming week 5710/5500 will act as major supports levels
whereas 6110/6400 will act as major resistance in MCX Crude oil October
futures. For the next week, trader can go for sell on higher level
strategy, if MCX Crude October future sustain below 5930 levels then it
could test the levels 5855/5710.
No comments:
Post a Comment