Energy Commodity Update by CapitalVia
Crude oil prices are expected to move down, as investors are waiting for upcoming US economic data releases, which has been delayed due to the government shut down, to determine the impact of the debt crises on the demand outlook and on the Federal Reserves stimulus program.
For the coming week 5900/5712 will act as major supports levels whereas 6301/6470 will act as major resistance in MCX Crude oil October futures. For the next week, trader can go for sell on higher level strategy, if MCX Crude October future sustain below 6120 levels then it could test the levels 6035/5942.