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.
Commodity Trading Technical Levels
 |
| 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
|
No comments:
Post a Comment