Crude oil at NYMEX is trading at $88.35 marginally down and in MCX oil is at Rs. 4995. This is the only commodity that is trading lower now. Today morning API inventory data is released suggesting rise in inventory for crude and crude products so prices of oil might remain lower. Going ahead we may have to focus on Rs. 5020 levels. Only on break above the same should see an uptrend.
Only on break above the same should see an uptrend. Relating to euro-zone economic data we do not see any major supportive point for oil rather it may have further weakness on prices. Overall technical range should be Rs. 4950-5020 (please note break above 5020 should make oil to move towards Rs. 5060/5080)
Our Free Call (HIGH RISK) : Sell Crude Oil MCX @ cmp: 4995,T1:4975,T2:4955,SL: 5021 -www.Commodity20.com @ 25.07.12,10:10 AM
Inventory data releases from US are kind of mixed. In fact tonight DOE crude/crude products inventory data expected and we believe they might show increase in figures which should further weigh on prices.
|+ 2.7 M|
Free Call Update : Crude Call, Sell Given @ 4995 ,Low:4972,Target1 Achieved,Profit:2000+ per Lot -www.Commodity20.com @ 25.07.12,12:10 AM
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) increased by 2.7 million barrels from the previous week. Data Impact : Negative for crude oil prices. @08:00 PM
Free Call Update 2 : Crude Call, Sell Given @ 4995 ,Low:4931,All Targets Achieved,Profit:6000+ per Lot -www.Commodity20.com @ 25.07.12,08:06 PM