Wednesday, March 30, 2011

Crude Oil News- Crude Oil Down Ahead of inventory data Due tonight

MCX Crude Apr contract closed on Tuesday at 4697 rupees per barrel, down by 22 rupees ahead of EIA inventory data due tonight while its previous close was 4719. The contract opened down at 4691 made an intraday high at 4709 and last traded at 4681 down by 16 rupees. The said contract made an intraday low of 4676.

In international markets, Crude prices last traded near 104.25$ per barrel. Crude prices are trading sideways from last few trading days. MCX Crude future prices are likely to fall further and could touch 4500-4400 levels within next few trading days. In Dollar terms, Crude may test 99-96 levels in the next few trading days because of falling energy demand of the world.

Support for Crude is seen at 4640 and below it; prices can test 4575 while the resistance levels are seen at 4725 and 4775 respectively. 14 days RSI for MCX Crude Apr contract is at 58 levels, which shows that Crude prices are falling steadily.

Short term range for MCX Crude Apr contract is seen at 4500-4750. Positional traders can sell MCX Crude Apr contract near 4750 keeping a stop loss of 4790 and can wait for the targets of 4650-4590.


Posted By Commodity MCX Tips