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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