Weekly Commodity Recommendation: Silver And Crude Oil Tips

SILVER WEEKLY RECOMMENDATION:
Silver is in upward phase so We would suggest traders to use the strategy of buying on lower levels. If next week mcx silver sustains above the level of 67800 then it can test the level of 69500 if it does not break the level of 66500 on the downside.

CRUDE OIL Updates:
Crude oil is in a bearish phase so traders can use the strategy of selling on higher level if crude oil sustains below the level of 3800 then below 3650 crude oil can test the level of 3500. trade with keeping strict stop loss.

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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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MCX Crude Oil News : Intraday Traders can sell Near 4100

MCX Crude Feb contract closed on last day of previous week at 4088 per barrel, down by 29 rupees against previous week’s close of 4117. The contract opened downside flat at 4085 made the same level as an intraday high and last traded at 4068 down by 20 rupees. The said contract made an intraday low of 4048.

Crude future prices are likely to fall further and could touch 4030-3970 levels within next few trading days.

Support for Crude is seen at 4040 and below it; prices can test 3990 while the resistance levels are seen at 4100 and 4155 respectively. 14 days RSI for MCX Crude Feb contract is at 46 levels, which shows that Crude prices are falling steadily.

Short term range for MCX Crude Feb contract is seen at 3900-4200. Intraday traders can sell MCX Crude Feb contract near 4100 keeping a stop loss of 4135 and can wait for the targets of 4060-4020.

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Crude Oil and Natural gas report

Crude Oil

WTI Light sweet crude oil future prices are trading in a positive trend both in electronic platform and MCX, India. Declining inventory report released by API and expectation of falling inventory in today’s DOE report is
supporting oil price movement. Gasoline inventory is expected to remain unchanged, whereas Distillates is expected to decline by 1000K barrels. Tropical storm Tomas became tropical depression, still expecting Most of the Asian equity market closed in a negative note, whereas a positive trend can be seen in European market movement. Dollar index has been erased its intraday gain .PMI services data for the month of October resulted positive for the UK economy. In the evening, most of the economic releases are expected to have positive impact on commodity market movement. However, we may expect crude oil prices to trade in a positive trend,
ahead of economic releases and actual inventory data releases in the evening.

Natural Gas 

Natural gas are trading in a positive trend in the MCX, whereas a flat trading is seen in the electronic platform.Strorage data expectation has been declined from the prior data, which also supports price movement. National hurricane centre has reported about tropical storm Tomas, which became tropical depression still expecting to restrengthen.In the evening, most of the economic releases are expected to have positive impact on economy. Thus, we may expect natural gas prices to trade steadily, ahead of economic releases in the evening.

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