Technical update on Crude oil Sep NYMEX: Prices are almost hovering at short term trend confirmation point ($90.50). On sustainable daily close above the same might confirms resumption of previous short term bull rally ,in this case short term targets seen around $93.50 then $96.00 levels.
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On other hand if it fails to breach $90.50 levels then rising threeÂ candle stick pattern might confirm in daily price chart, usually this is consider as a bearish pattern. In this case lower side targets seem to be around $87.50/85.50 levels. Overall we recommended to watch resistance level of $90.50, those who are holding short position recommend to maintain strict stop loss above the sameâ€¦CMP $90.10
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Crude oil Aug MCX Update @ 02:31 PM:
Prices are witnessing immediate resistance at 5010-5000 levels and intraday crucial resistance is seen around 5054 levels as well as lower side supports are seen around 4946 then 4923 levels. We are expecting prices to trade lower side until it holds resistance level of 5054 and recommend intraday traders to sell in the range of 5000-5010 TP 4946/4923 SL 5054â€¦CMP 4984
Free Call Update : Â Crude Call,Sold @ 5008,Cmp:4983,One Can Book Profit of Rs. 2500+ per lot – www.Commodity20.com,@ 27.07.12,02:32 PM
Crude Oil Update: @ 04:10 PM
Crude oil futures prices are trading below Rs.4980/bbl with loss of more than Rs.20 by erasing early gains. Oil prices slipped from its high ahead of US GDP data releasing today evening. We may expect further contraction in worldsâ€™ largest oil consuming nation on the back slow down in major economic activities. Â Personal consumption of US consumer in the last month is likely to slip which may create concern of lower fuel demand.
Overall, we may expect oil prices to continue its direction on bearish side in the evening.
Crude oil Aug MCX : Resistances : 4997/5025 Supports : 4960/4938. CMP 4976