MCX Crude Sept contract closed higher yesterday at 4095 rupees per barrel, up by 14 rupees against previous close of 4081. The contract opened weak this morning at 4081 made an intraday high at 4084 and last traded at 3936 down by 159 rupees after made an intraday low of 3912 rupees.
In international markets, Crude prices last traded near 86 USD per barrel. Crude prices are likely to fall from present levels on the back of short selling and may touch 83-80 levels.
On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 3800-3600 in short term.
Support for the said contract is seen at 3875 and below it; prices can test 3800 while the resistance levels are seen at 4000 and 4135 respectively. In the near term, MCX Sep Crude prices are likely to trade in a range of 3650-4150.
In international markets, Crude prices last traded near 86 USD per barrel. Crude prices are likely to fall from present levels on the back of short selling and may touch 83-80 levels.
On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 3800-3600 in short term.
Support for the said contract is seen at 3875 and below it; prices can test 3800 while the resistance levels are seen at 4000 and 4135 respectively. In the near term, MCX Sep Crude prices are likely to trade in a range of 3650-4150.
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