As per the chart study given for levels for Crude Oil for yesterday was achieved. 1st level & the 2nd level both was achieved & then there was a bounce in Up side level.
After a deep study on Crude Oil, The Crude Oil from here should go Up side to 64.37 dollar. If this level sustained, then the Crude Oil should go Up side up to 64.60 dollar.
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Crude Oil Technical Level Analysis
The Crude Oil should go Up side from here. This is the Buying opportunity. The Crude Oil Technical Level Analysis for today. The buying level for Crude Oil is 4755 INR for the 1st target level 4766 INR, if this level sustained, then the Crude Oil 2nd target level 4780 INR. If there is any bounce back then the Sorting level will be 4735 INR for the 1st target level 4725 INR, if this level sustained, then the Crude Oil 2nd target level 4715 INR.
Crude Oil Price Rises
Crude Oil price rises on Tuesday as a weak US dollar-backed commodity and in the hope that the United States is the world’s largest consumer of crude oil, although there has been an increase in cases of coronavirus in Asia.
Crude Brent for June delivery rose 29 cents, or 0.4%, to $ 67.33 a barrel at 1:57 GMT. Ultimately, May deliveries, due to expire on Tuesday, rose 19 cents, or 0.3%, to $ 63.57 a barrel. The most active contract in June was $ 63.71, down 0.4% or 28 cents.
Buyers using other currencies pay less for dollar-denominated oil when the green currency weakens. “The weakness of the US dollar continues to support the commodity complex … despite concerns about oil demand in some regions,” ING Economics said in a statement. The dollar index fell Monday to a six-week low against other major currencies after falling US Treasury yields last week and remained near the low of 91,055 on Tuesday. Saudi Arabia’s crude oil exports fell to a eight-month low in February, the Joint Initiatives Organization (JODI) said on Monday, signing a commitment by the world’s largest oil exporter to voluntarily limit production to support oil prices.
Supportive crude oil and distillate prices in the US are also expected to decline last week, while gasoline inventories are likely to rise, according to a preliminary survey by Reuters on Monday.
The survey was conducted ahead of Tuesday’s reports from the American Petroleum Institute (API) industry group and the Energy Information Administration (EIA), the statistics arm of the US Department of Energy, on Wednesday. The Libyan National Oil Corps (CNP) announced force majeure on Monday.
Crude Oil Resistance Level
The Uptrend and Downtrend level for Positional will be 4769.90 INR and 4722 INR.
The Resistance level for Crude Oil for Positional point of view are 4785, 4798, 4810, 4825, 4849 and the expanded resistance level will be 4913 INR
Crude Oil Support Level
The Support level for Crude Oil for Positional point of view are 4710, 4695, 4685, 4665, 4645 and the expanded resistance level will be 4578 INR.
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict SL .Please also read the detailed Disclaimer mentioned in the left side of Blog.
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