MCX Crude Oil Nov Contract rebounded
from the support zone of 2790 level. It had opened at 2930 level & made
weekly high of 3076 level. Crude Oil sustained on high & closed 4.82 % up
at 3068 level. The strong movement was due to fall in U.S. oil rig count to
578, least since 2010.& weaker Dollar. For next week, we could see some
bullish trend followed by downward movement in coming inventory data.
Near term
fundamentals looking for range-bound movement in Crude oil under the influence
of WTI Gasoline & Distillate inventory which is expected to see dips
because of seasonal maintenance.
Crude oil Nov contract having support near 2950 to 2930 level. Below 2920,
next support is near 2850 & 2800 level.
Resistances are near 3070 to 3100 level. Above 3120, next resistance
is near 3150 & 3200 levels.
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