MCX Crude Updates For coming week

Crude prices witnessed a downside on Friday as investors continued to book profit on their positions.  On MCX side, crude made a low of  6350 after making the day high of 6410. Earlier, crude prices went up on the back of  the concern of  major supply disruptions stemming from the bloody Iraqi insurgency.
NYMEX oil futures is  likely to find support at $105.03 a barrel, Thursday's low, and resistance at $107.50 a barrel, Tuesday's high.

On MCX,  crude prices may go further down in coming week. However,  Iraq concern would be the decisive factor for the trend of crude oil. Crude can find support near 6320-6300 while key resistance can be seen near 6460-6500. Day Traders are advised to buy crude on dips while investors are recommended to go long from upper levels for the targets of 6200-6000 in near future. 


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