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 today’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 Iran’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