CRUDE OIL UPDATE @ 6:30 PM
The impact of reducing oil inventory which released last day from US has still pushed oil prices to trade higher on todayâ€™s trading session along with Asian and European equities trading on a marginal positive territory. The euro currency has gained today and now hovering around $1.2321 levels pushing dollar to trade lower so commodity like oil is taking the advantage to gain.
Besides, the talk regarding Israel would be willing to strike Iranâ€™s nuclear facilities might turn out to be a catalyst to the market once that is conformed. Relating the above steps to technicals we believe oil prices might move up as it has beached $95.00 for October delivery at NYMEX platform.
The next immediate resistance should be seen at $95.21 and then $95.50. The support is at $94.50/94.00 levels. At MCX now the support is at Rs. 5235/5230 while the resistance is at Rs. 5300. Evening trading range: Rs. 5230-5300. Buy on dips with strong stop loss below Rs. 5200 for the day, CMP 5265