Crude Oil

Crude Oil 2/18/2019 8:42:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few sessions ended up bullish in trend and retesting inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 3980. The positive rally could be testing all the way up to 4080-4150 level in the upcoming sessions. An alternative scenario indicates that if key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3800 level. Key support holds at 3800.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 2/15/2019 8:41:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few sessions ended up bullish in trend and retesting inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 3900. The positive rally could be testing all the way up to 3950-4000 level in the upcoming sessions. An alternative scenario indicates that if key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3800-3730 levels. Key support holds at 3730.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 2/14/2019 8:45:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few sessions ended up bullish in trend and retesting inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 3880. The positive rally could be testing all the way up to 3950-4000 level in the upcoming sessions. An alternative scenario indicates that if key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3780-3730 levels. Key support holds at 3730.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 2/13/2019 9:15:00 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 ended up consolidated and retesting inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3850-3950 level in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

3:00 AM

-0.998M

-----

2.514M

Tonight

 

 

 

 

Crude Oil Inventories

9:00 PM

-----

2.668M

1.263M

EIA Weekly Distillates Stocks 9Pm

9:00 PM

-----

-1.142M

-2.257M

Gasoline Inventories

9:00 PM

-----

0.826M

0.513M

 

An alternative scenario indicates that if market breaks below a key support holding at 3700 then it might revise the trend to bearish once again. Such break out could possibly test up to 3650-3600 levels. Key resistance holds at 3950.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 2/12/2019 8:57:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bearish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 3660. The negative rally could be testing all the way up to 3600-3500 level in the upcoming sessions. An alternative scenario indicates that if 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 could possibly test up to 3850-3950 levels. Key resistance holds at 3950.


Research Report call:

Technical Chart:
crude-chart
Crude oil 2/11/2019 8:19:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previous session ended up in bullish trend but consolidated after few negative rallies, also retesting an interim trend line inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3850-3950 level in the upcoming sessions. An alternative scenario indicates that if market breaks below a key support holding at 3700 then it might revise the trend to bearish once again. Such break out could possibly test up to 3600-3500 levels. Key resistance holds at 3950.


Research Report call:

Technical Chart:
crude-chart
Crude oil 2/8/2019 8:46:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bearish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 3660. The negative rally could be testing all the way up to 3600-3500 level in the upcoming sessions. An alternative scenario indicates that if key support holds strong then the market might retest the same and revise the trend to bullish once again. Such reversal could possibly test up to 3850-3950 levels. Key resistance holds at 3950.


Research Report call:

Technical Chart:
crude-chart
Crude oil 2/7/2019 9:00:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previous session ended up in bullish trend after few negative corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The positive rally could be testing all the way up to 3950-4000 level in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 3800 then it might revise the trend to bearish once again. Such break out could possibly test up to 3700 levels. Key resistance holds at 4000.


Research Report call:

Technical Chart:
crude-chart
Crude oil 2/6/2019 8:55:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bearish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support zone holding at 3800. The negative rally could be testing all the way up to 3720-3650 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

3:00 AM

2.514M

-----

2.098M

Tonight

 

 

 

 

Crude Oil Inventories

9:00 PM

-----

2.179M

0.919M

EIA Weekly Distillates Stocks 9Pm

9:00 PM

-----

-1.814M

-1.122M

Gasoline Inventories

9:00 PM

-----

1.601M

-2.235M

 

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 could possibly test up to 4000 levels. Key resistance holds at 4000.


Research Report call:

Technical Chart:
crude-chart
Crude oil 2/5/2019 8:51:00 AM
crude-image

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Right angled Ascending broadening wedge” pattern in daily time frame. Previously few sessions ended up in bullish trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance zone holding at 4000. The positive rally could be testing all the way up to 4100-4200 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3700 levels. Key support holds at 3700.


Research Report call:

Technical Chart:
crude-chart