MCX Crude Oil Trend- Short Term range

MCX Crude May contract closed on Tuesday at 4975 rupees per barrel, down by 75 rupees against previous close of 5055. The contract opened weak this morning at 4972 made the same level as an intraday high and last traded at 4893 down by 82 rupees after touching an intraday low of 4883.

In international markets, Crude prices last traded near 110.2 USD per barrel. Crude in dollar terms may touch 107-103 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4700-4600 in the coming few trading days.

Support for Crude is seen at 4825 and below it; prices can test 4775 while the resistance levels are seen at 4960 and 5040 respectively. Short term range for MCX Crude May contract is seen at 4600-5000.