Crude oil April contracts on NYMEX closed last week at $80.68 with a loss of 0.7 percent.

Prices traded lower and gave up the gains towards the end of last week as concerns over Greece came up.

Speculation that Greece may not receive any European assistance and may go the IMF for help led prices to trade lower.

OUTLOOK:

There are no major economic releases scheduled for the day.

The expiry of crude oil April contracts on NMYEX may result in some volatility in the market.

TECHNICAL RECOMMENDATIONS

Crude oil April future prices witnessed a downfall on Friday’s trading session and after making a low of 3657 it settled at 3670 levels.

Market is expected to see a mild higher correction and recommend selling near resistance levels. The resistances are at 3690, 3720 levels.

Supports are at 3650 then 3610 levels. Sustain below 3710 likely to push the prices on lower note.

Courtesy: Karvy Commtrade Ltd.

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