Last week Crude Oil closed downside but traded in range for the most part of the week and showed strong recovery from lower levels as Greece's biggest oil refiner Hellenic Petroleum agreed on Friday to buy crude oil from the National Iranian Oil Company. MCX Crude were up by 8.12% last week and settled at INR 2158 while NYMEX Crude closed upside with 5.46%. For the coming week we can expect bearish movement if it sustain below 2260 then it can test the level of 1900-1830.
Trend: Consolidate Resistance: 2250, 2340
Support: 1980, 1810 Strategy: Sell on High
MARKET WRAP COPPER
Copper prices witnessed slightly bullish movement last week after a move by China's central bank to support the yuan triggered a reversal of bets on lower prices but the mood was expected to stay bearish on concern over demand growth in the top consumer. MCX Copper prices up by 2.24% last week and closed at INR 301.25 while COMEX Copper closed upside with 3.62%. Next week copper can witness consolidated movement in range of 300-307.
Trend: Consolidate Resistance: 305, 310
Support: 295, 290 Strategy: Buy on Dips