Crude Oil Technical Analysis
Crude oil prices remained flat on Monday to close at $35.70 per barrel as it remained above its 2009 low and settled up a penny a barrel as trader's squared positions ahead of the January contract's expiration. Record high global oil production, more supplies to be expected from Iran and Libya will further suppress the market sentiments and exert downside pressure on oil supplies. On its 4 hourly chart, market is continue resist by SMA50, which indicate the strong bearish trend ans its RSI is sustaining in its selling zone indicating the upcoming bearish trend. MACD is also printing below its zero level. Crude oil prices is having strong resistance at $38.50 which is supported by EMA50, while support is seen neat the psychological level at $35.00. On intra day basis Crude oil is looking bearish on charts for. One can go for sell position below the level of $35.60. Trading volumes are expected to be thin in the coming trading session as many will be away from their desks for the Christmas and New Year holiday season.
 |
| Crude Oil Technical Chart |
R2
|
R1
|
S1
|
S2
|
|
| GOLD |
1111
|
1089
|
1066
|
1046
|
| SILVER |
14.64
|
14.42
|
13.96
|
13.78
|
| CRUDE OIL |
39.05
|
37.12
|
35.00
|
34.00
|
| COPPER |
2.1625
|
2.1444
|
2.0657
|
2.0165
|
| NATURAL GAS |
2.083
|
2.025
|
1.875
|
1.770
|
| PLATINUM |
904
|
885
|
856
|
832
|
| PALLADIUM |
603
|
561
|
537
|
523
|
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