Crude Oil

Crude Oil 6/22/2018 9:28:00 AM

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Falling channel” pattern along with a long-term “Ascending broadening wedge” in daily time frame. Last session formed a “Hammer” candlestick pattern near a junction point where both channel meets. As per the technical aspects of the broadening wedge, the market is expected to continue on bullish momentum. The positive rally could be testing all the way through 4550-4600 levels and furthermore 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

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863

 

An alternative scenario indicates that if the market been able to breaks below a key support zone holding near 4380, then it might turn to overall bearish. The downside rally could test 4350-4300 levels. Key resistance holds at 4600.


Research Report call:

Technical Chart:
Crude Oil 6/21/2018 9:24:00 AM

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Falling channel” pattern along with a long-term “Ascending broadening wedge” in daily time frame. Last session ended up bullish in trend near a junction point where both pattern meets. As per the technical aspects of the Falling channel, the market is expected to retest and turn bearish. The negative rally could be testing all the way through 4440-4380 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market been able to breaks above a key resistance zone holding near 4550, then it might continue in bullish momentum. The upside rally could test 4600-4650 levels. Key support holds at 4380.


Research Report call:

Technical Chart:
Crude Oil 6/20/2018 9:40:00 AM

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. The last session ended up bearish in trend retesting near the channel’s support slope line. As per the technical aspects of the pattern, the retest is expected to revise the trend to bullish. The positive rally could be testing all the way through 4500-4550 levels and furthermore in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

2:00 AM

-3.016M

-----

0.833M

Tonight

 

 

 

 

Crude Oil Inventories

8:00 PM

-----

-1.898M

-4.143M

EIA Weekly Distillates Stocks 8Pm

8:00 PM

-----

-0.164M

-2.101M

Gasoline Inventories

8:00 PM

-----

0.188M

-2.271M

 

An alternative scenario indicates that if the market been able to breaks below a key support zone holding near 4380, then it might continue in bearish momentum. The downside rally could test 4300-4250 levels. Key resistance holds at 4550.


Research Report call:

Technical Chart:
Crude oil 6/19/2018 8:55:00 AM

 Technical outlook

MCX Crude Oil prices has taken the formation of “Ascending broadening wedge” pattern in daily time frame. The last session ended up bullish candle  which is unable to close below the support line at 4350. The positive rally could be testing all the way through 4500-4600 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market been able to breaks below a key support zone holding near 4350, then it might turn to overall bearish once again. Key support holds at 4200.


Research Report call:

Technical Chart:
Crude Oil 6/18/2018 9:15:00 AM

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. The last session ended up bearish in trend retesting near the channel’s support slope line and is expected to continue on the same trend. The positive rally could be testing all the way through 4360-4300 levels and furthermore in the upcoming sessions. An alternative scenario indicates that if the market been able to breaks above a key resistance zone holding near 4600, then it might turn to overall bullish once again. Key support holds at 4300.


Research Report call:

Technical Chart:
Crude oil 6/15/2018 9:00:00 AM

Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Rising wedge” pattern in hourly time frame. The last session ended up bullish in trend retesting near the channel’s support slope line and is expected to continue on the same trend. The positive rally could be testing all the way through 4550-4600 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

-----

-----

862

 

An alternative scenario indicates that if the market been able to breaks below the key support zone near 4480, then it might turn to overall bearish once again. The downside rally could test 4450-4400 levels. Key resistance holds at 4600.


Research Report call: