Crude Updates and Trading Tips

Crude is the only commodity surviving on MCX Today and has gained almost 1.50%. Crude oil January contract is trading around 5365 level and we can expect prices to reach near 5400 level. After this level crude can take reversal for a short while. So traders are required to buy crude oil on dips.

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Crude Updates- Intraday trading Range for MCX crude Oil

Weak Global Economics market sentiments amid Euro Zone debt crisis led crude oil to trade with selling pressure and today Crude oil has to face sharp decline and trading nearly down by two per cent. International Crude touched an intra-day low of $92.12/bbl. On MCX Crude oil Prices are moving around 4200 levels.
Technically a move below 4170 could support the bear trend and Crude can fall down to 4100-4020 levels. Above 4300 can negate the bearish view and Crude oil might see some momentum after this level.

For Intraday sell Crude oil Below 4190 for the targets of 4150-4120

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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 Updates

Crude oil prices ended higher Saturday on short covering after prices fell on Friday. Libya declared a ceasefire, easing for the moment the threat of a Western air attack that could escalate the conflict and further damage oil facilities.  

On Monday, Crude Oil prices opened at 4572 rupees and rose by 1.40 percent to 4652 rupees per BBL.

Instant support for crude is at 4600 and below could see a test of 4568 rupees and resistance is now likely to be seen at 4665, a move above could see prices testing 4698.

Another increase in China's rate reserve and continued unrest in Arabian countries putting pressure on Crude Oil prices from last few days. In case Middle East issue will keep on burning in near term than Crude Oil price may touch 5,000 rupees in coming month

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