Crude Oil

Crude Oil 4/23/2019 8:47:00 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 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 for a while. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4650. The positive rally could be testing all the way up to 4700-4800 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 4500-4400 level. Key support holds at 4400.


Research Report call:

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Technical Chart:
crude-chart
Crude Oil 4/22/2019 8:38:00 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 in sideways 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 for a while. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4480. The positive rally could be testing all the way up to 4550-4600 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 4380-4280 level. Key support holds at 4280.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/18/2019 8:21:00 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 in sideways 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 for a while. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4480. The positive rally could be testing all the way up to 4550-4600 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 4380-4280 level. Key support holds at 4280.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/17/2019 3:18:00 PM
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 in sideways 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 for a while. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4480. The positive rally could be testing all the way up to 4550-4600 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

2:00 AM

-3.096M

-----

4.091M

Tonight

 

 

 

 

Crude Oil Inventories

8:00 PM

-----

-1.200M

7.029M

EIA Weekly Distillates Stocks 9Pm

8:00 PM

-----

-0.846M

-0.116M

Gasoline Inventories

8:00 PM

-----

-2.133M

-7.710M

 

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 4380-4280 level. Key support holds at 4280.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/16/2019 8:36:00 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 in sideways 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 for a while. The positive rally could be testing all the way up to 4450-4500 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 4380 then it might revise the trend to bearish once again. Such breakout could possibly test up to 4330-4280 level. Key resistance holds at 4500.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/15/2019 8:13:00 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. Previous session ended up in bullish trend after few negative rallies inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend for a while. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4480. The positive rally could be testing all the way up to 4550-4600 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 4400-4340 level. Key support holds at 4340.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/12/2019 8:47:00 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 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 for a while. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 4340. The negative rally could be testing all the way up to 4270-4200 levels in the upcoming sessions. 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 4500 level. Key resistance holds at 4500.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/11/2019 8:39:00 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 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 overall bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4500. The positive rally could be testing all the way up to 4550-4600 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 4380-4280 levels. Key support holds at 4280.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/10/2019 8:51:00 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 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 overall bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4500. The positive rally could be testing all the way up to 4550-4600 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

2:00 AM

4.091M

-----

2.963M

Tonight

 

 

 

 

Crude Oil Inventories

8:00 PM

-----

2.294M

7.238M

EIA Weekly Distillates Stocks 9Pm

8:00 PM

-----

-1.300M

-1.998M

Gasoline Inventories

8:00 PM

-----

-2.009M

-1.781M

 

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 4380-4280 levels. Key support holds at 4280.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 4/9/2019 8:56:00 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 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 holding at 4520. The positive rally could be testing all the way up to 4580 and furthermore 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 4450-4350 levels. Key support holds at 4350.


Research Report call:

Technical Chart:
crude-chart