MCX crude OIl Updates- Crude falls ahead of EIA inventory data

MCX Crude May contract closed on Tuesday at 4610 rupees per barrel, up by 69 rupees against previous close of 4541. The contract opened up this morning at 4620 made an intraday high at 4674 and last traded at 4566 down by 44 rupees after touching an intraday low of 45 rupees.

In international markets, Crude prices last traded near 102 USD per barrel. Crude in dollar terms are likely fall further because of weak global demand and may touch 96-93 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4200-4050 in the coming few trading days.

Support for Crude is seen at 4500 and below it; prices can test 4400 while the resistance levels are seen at 4675 and 4750 respectively.

Short term range for MCX Crude May contract is seen at 4100-4750.

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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.

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MCX News- Crude Oil Likely to up

Crude future prices are likely to rise further on geopolitical tension and the situation in Middle East is worsening which could lift Crude prices upward and may touch 4415-4475 levels within next few trading days.

Support for Crude is seen at 4325 and below it; prices can test 4275 while the resistance levels are seen at 4425 and 4475 respectively. 14 days RSI for MCX Crude Mar contract is at 70 levels, which shows that Crude prices are entering in overbought zone and rising steadily.

Short term range for MCX Crude Mar contract is seen at 4150-4450. Positional traders can Buy MCX Crude Mar contract near 4340 keeping a stop loss of 4290 and can wait for the targets of 4400-4440.

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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

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Crude Oil Updates-MCX Crude Likely To Fall

MCX Crude Feb contract closed on Friday at 4107, up by 140 rupees against previous close of 3967. The contract opened up at 4125 made an intraday high at 4164 and last traded at 4096 down by 21 rupees after touch an intraday low of 3958.

Crude future prices are likely to fall from the present levels on the back of profit booking and could touch 4025-3970 levels within next few trading sessions.

Support for Crude is seen at 4050 and below it; prices can test 3990 while the resistance levels are seen at 4150 and 4215 respectively. 14 days RSI for MCX Crude Feb contract is at 51 levels, which shows that Crude prices are trading sideways.

Short term range for MCX Crude Feb contract is seen at 3900-4150. Positional traders can Sell MCX Crude Feb contract near 4175 keeping a stop loss of 4225 and can wait for the targets of 4100-4050.

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Crude may Rise on Short Covering

MCX Crude Feb contract last closed at 4099, down by 26 rupees against previous close of 4125. The contract opened down side flat at 4097 made an intraday high at 4111 and last traded at 4073 down by 26 rupees after touch an intraday low of 4053.

Crude future prices are likely to rise on short covering and could touch 4140-4180 levels within next few trading days.

Support for Crude is seen at 4040 and below it; prices can test 3975 while the resistance levels are seen at 4100 and 4150 respectively. 14 days RSI for MCX Crude Feb contract is at 45 levels, which shows that Crude prices are falling steadily.

Short term range for MCX Crude Feb contract is seen at 4000-4200. Positional traders can Buy MCX Crude Feb contract near 3950 keeping a stop loss of 3875 and can wait for the targets of 4050-4130.

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Crude Oil near 91 doller/barrel

Crude oil has reached the highest level of 2 years. At NYMEX oil prices have been crossed   $ 90 a barrel . In U.S. and Europe because of the strong cold falling demand for crude oil has increased. On the other hand news of low crude oil stocks in US has also resulted in the rise of crude oil price . According to the U.S. Energy Department  crude oil stock has reached it  10 months lowest level.

MCX Crude oil also sustaining the level of 4100/ barrel due to boom in international market. 

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