Crude Oil Technical analysis for 17/03/2016

U.S. crude oil stocks rose last week rose to record highs for a fifth straight week while gasoline inventories fell amid strong demand for the motor fuel, data from the Energy Information Administration showed on Wednesday. Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts. By 10:55 a.m. EDT, U.S. futures were up 3.7 percent at $37.71 per barrel. 

Crude Oil

On technical chart, Very short term trend of crude oil is bullish on chart. On its, 4 hourly chart, market has been making higher lows and higher highs from past few trading session. Crude oil also took support of 50 DMA and bounce back from the same on 4 hourly chart. It has been trading with support of SMA50 and SMA200 with appearance golden cross. Now it can test the next resistance of   41.90. On lower side it is having support of previous significant low of 35.90. On daily charts it has strong bullish candle. RSI is sustaining in its positive territory indicating the bearish trend on intra day basis.

Crude Oil technical Chart

Technical Pivot Levels

Commodity	R2	R1	S1	S2
GOLD	1284	1264	1224	1190
SILVER	16.35	15.82	15.11	14.6
CRUDE OIL	41.90	39.80	38.30	36.60
COPPER	2.2800	2.2570	2.2100	2.1890
NATURAL GAS	1.980	1.916	1.755	1.600
PLATINUM	1008	990	947	925
PALLADIUM	610	584	555	528

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 Chart

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  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

Comex Signal Technical Analysis and Strategies for Wednesday, April 01 2015

Gold

Gold markets went back and forth during the session on yesterday, testing the 1180 level. This is an area which is important in this market as it was a support. We believe that the bounce from here will more than likely test the $1200 level next. On the other hand, if we break down below the bottom of the range for the Tuesday session, this market will more than likely head back down to the 1150 level.

Gold Technical Chart

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SILVER

The silver markets initially fell during the course of the day on yesterday, but struggled to keep the losses as the 16.50 level offered support. This is an area that has offered support and resistance both several times, and as a result it has affected the market again. The support resulted in turning the market around and forming a hammer, which is bullish. If we can break the top of this hammer, we believe that the market then heads to the 17.50 level given enough time. The 17.00 level will be a bit resistive but we feel that it will break above.

Silver Technical Chart

CRUDE

The light sweet crude market fell during the session on yesterday, testing the $47.50 level for support. The $47 level below that is supportive, but if we can break below there, we should see this market fall even lower and heading to the $45 level. The market has been very bearish, and this is a market that we think will sell off every time it rallies. The market should continue to fall based on not only upon the less demand, but also the rising value of the US Dollar. The $50 level above should be resistive. 

Crude Oil Technical Chart