Wednesday, February 9, 2011

MCX Crude Oil Update and Trading Tips

Crude Oil rose slightly in Asian trade on Wednesday as traders stayed marginally ahead of a closely watched inventory report on US energy supplies.

On Wednesday MCX Crude oil futures opened nearly unchanged at Rs 3670 per barrel reflecting trends in overseas markets. Crude oil challenge resistance around 3980 and 4000 to move higher, or test support at 3950, to break out of its range.

Oil prices stays edged higher today on expectations of a drawdown in inventories, signifying higher demand for Crude Oil in international market.

Overall trend seems to be upside in Crude Oil but EIA inventory due tonight, will give confirmation for advanced trends for coming days. Traders are advised to be cautious on every low before taking any fresh long position


Posted By Commodity MCX Tips