Tuesday, 22 December 2015

Crude Oil Trading Technical Analysis for Today

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 Analysis
Crude Oil Technical Chart

  

  Commodities Support/Resistance for the day 


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