Wednesday, 27 January 2016

Crude Oil Technical Analysis as on 27/01/2016

Crude Oil Inventory Report 

The American Petroleum Institute's weekly crude Oil stockpile report released late Tuesday showed an 11.4 million barrels build, well above the 3.5 million barrels seen. Separately, Wednesday's report from the U.S. Department of Energy could show that domestic crude inventories rose by 3.5 million barrels for the week ending on January 22. 



Technical analysis

The Crude oil market rose during the day on Tuesday. It has been observed that from last several sessions market is not sustaining below the level of $30.00 level, and trying to bounce from lower level. If market is continuing the consolidate above that level, we believe that market can test the level of $32.00 and it will offer a bit of resistance. On its, 4 hourly chart, market is trading between the downward channel. Resistance is seen near down trend resistance trend line at  the level of $34.00 supported by EMA200, while support is seen near the psychological level at $30 supported by EMA50 . On intra day basis we suggest to stay away from the market to monitor the price behavior in the market. We expect crude prices to trade sideways as recent hopes of agreement between OPEC and other producers to curtail output will be supportive. However, investors will be cautious ahead of FOMC statement due tonight.  


Crude Oil Commodity Technical Analysis
Technical Chart
              

Commodity Trading Technical Levels 


R2
R1
S1
S2
GOLD
1138
1126
1109
1098
SILVER
14.82
14.62
14.24
14.08
CRUDE OIL
33.24
32.42
30
29
COPPER
2.0394
2.0150
1.99
1.9438
NATURAL GAS
2.282
2.223
2.051
1.990
PLATINUM
900
888
861
844
PALLADIUM
532
512
478
469