According to the today Morning Crude Oil Level Analysis the 1st level has been achieved and after that there is a sharp fall seen in Crude Oil.
Crude Oil Level Study
Now from here as per Crude Oil Level Study based on Chart analysis, the Crude Oil Level seems to go Down side to 63.86 Dollar and if this level sustained then the Crude Oil level should go more down side till 63.30 Dollar. After this, level for Crude Oil might get a bounce in opposite direction till 64.11 dollar.
Precious metal prices are capped as they rally due to mounting fears over debt due to a sharp rise in the number of virus infections around the world.
Commodity prices rose on Tuesday after mixed trading in the previous session. On Monday, non-aggressive commodities were placed in a firm trading range, supported by a weak dollar. Bullion prices showed some sales following rising US bond yields, while base metals and crude traded with a positive demand outlook. Let’s take a look at how Crude Oil is behaving in today’s market.
Forecast: crude oil
Forecast in Crude Oil. Crude oil prices rose in the wake of the NYMEX WTI index: in morning trading, oil prices rose 1% to $ 64.07 a barrel. Crude oil prices rose due to the falling dollar and expectations of a decline in weekly inventories. The Libyan National Oil Corporation (NOC) said Monday that it is the main export force from the port of Hariga. Failure could reduce Libya’s oil production by 280,000 barrels per day. We expect oil prices to rise sideways.
The Crude Oil Support Might lies at 4720 INR and the Resistance Might Lies at 4850 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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