Crude Oil

Crude Oil 8/20/2018 8:56:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session ended up forming an “Inverse Hammer” candlestick pattern, which could be read as a trend reversal one. As per the technical aspects of the pattern, the market is expected to continue on the bullish trend. The positive rally could be testing all the way through 4650-4700 levels in the upcoming sessions. An alternative scenario indicates that if the market’s been able to break below a key support holding at 4570. Such breakout rally might test around 4500-4400 levels. Key resistance holds at 4700.


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Technical Chart:
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Crude Oil 8/17/2018 9:31:00 AM
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Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session ended up bearish in trend retesting near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue on the bearish trend. The sell signal will be confirmed once the market breaks below a key support zone holding near 4550. The negative rally could be testing all the way through 4500-4400 levels in the upcoming sessions.

 

 U.S. Baker hughes Oil rig count

Time

Actual 

Forecast

Previous

Crude oil - U.S. Baker hughes Oil rig count

10.30 PM

-----

-----

869

 

An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. Such reversal rally might test around 4650-4700 levels. Key resistance holds at 4700.


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Technical Chart:
crude-chart
Crude Oil 8/16/2018 9:48:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session ended up bullish in trend after retesting near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue on the bullish trend. The positive rally could be testing all the way through 4800-4850 levels in the upcoming sessions. An alternative scenario indicates that if the market been able to break below the key support zone holding at 4600, then the market might have a chance to revise the trend to bearish once again. Such reversal rally might test around 4550-4500 levels. Key resistance holds at 4850.


Research Report call:

Technical Chart:
crude-chart
Crude oil 8/14/2018 9:20:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session ended up bearish in trend after few positive rallies inside the channel. As per the technical aspects of the pattern, the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the market breaks below a key support zone holding near 4600. The negative rally could be testing all the way through 4550-4500 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong, then the market might have a chance to revise the trend to bullish by retesting the same once again. Such retest rally might test around 4700-4800 levels. Key resistance holds at 4800.


Research Report call:

Technical Chart:
crude-chart
Crude oil 8/13/2018 8:23:00 AM
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Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session ended up bullish by retesting near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue on the same trend. The positive rally could be testing all the way through 4730-4800 levels in the upcoming sessions. An alternative scenario indicates that if the market been able to break below the keys support zone holding near 4580, then it might turn bearish once again. Such downside rally might test around 4500-4400 levels. Key resistance holds at 4800.


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Technical Chart:
crude-chart
Crude Oil 8/10/2018 9:52:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous sessions ended up bullish by retesting near the channel’s support slope line. As per the technical aspects of the pattern, the market is expected to continue on the same trend. The positive rally could be testing all the way through 4700-4800 levels in the upcoming sessions. An alternative scenario indicates that if the market been able to break below the keys support zone holding near 4560, then it might turn bearish once again. Such downside rally might test around 4500-4400 levels. Key resistance holds at 4800.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 8/9/2018 9:38:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous sessions been a strong bearish one ended up near the channel’s support slope line. As per the technical aspects, the market is expected to continue on the same trend. The sell signal will be confirmed once the market breaks below a key support zone currently holding at 4550. The negative rally could be testing all the way through 4500-4450 levels in the upcoming sessions. An alternative scenario indicates that if the key support zone holds strong, then the market might have a chance to retest the same and revise the trend to bullish once again. Such rally might test around 4700-4800 levels. Key resistance holds at 4800.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 8/8/2018 9:53:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previously few sessions been bullish after retesting near the channel’s support slope line. As per the technical aspects, the market is expected to continue on the same trend. The buy signal will be confirmed once the market breaks above a key resistance zone holding at 4820. The positive rally could be testing all the way through 4880-4950 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

2:00 AM

-6.000M

-----

5.590M

Tonight

 

 

 

 

Crude Oil Inventories

8:00 PM

-----

-3.333M

3.803M

EIA Weekly Distillates Stocks 8Pm

8:00 PM

-----

0.220M

2.983M

Gasoline Inventories

8:00 PM

-----

-1.700M

-2.536M

 

An alternative scenario indicates that if the key resistance zone holds strong, then the market might have a chance to retest the same and revise the trend to overall bearish once again. Such rally might test around 4700-4600 levels. Key support holds at 4600.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 8/7/2018 9:41:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session’s been a bullish one after retesting near the channel’s support slope line. As per the technical aspects, the market is expected to continue on the same trend. The buy signal will be confirmed once the market breaks above a key resistance zone holding at 4825. The positive rally could be testing all the way through 4900-4960 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance zone holds strong, then the market might have a chance to retest the same and revise the trend to overall bearish once again. Such rally might test around 4700-4600 levels. Key support holds at 4600.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 8/6/2018 9:36:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Previous session’s been a consolidated one retesting near the channel’s support slope line. As per the technical aspects, the market is expected to continue on bullish momentum. The positive rally could be testing all the way through 4750-4850 levels in the upcoming sessions. An alternative scenario indicates that if the market been able to breaks below the key support zone holding near 4620, then it might have a chance to revise the trend to overall bearish. Such rally might test around 4550-4500 levels. Key resistance holds at 4850.


Research Report call:

Technical Chart:
crude-chart