Crude Oil

Crude Oil 10/19/2018 9:06:00 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 bearish in trend breaking an interim support trend line inside the channel. As per the technical aspects based on the price action, the market is expected to continue on bullish trend by retesting a strong support zone holding near 5000. The positive rally could be testing all the way up to 5120-5200 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support zone, then it might revise the trend to bearish once again. Such break out could possibly test up to 4900 levels. Key resistance holds at 5200.


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Technical Chart:
crude-chart
Crude Oil 10/18/2018 3:38:00 PM
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 strongly bearish in trend after few consolidations inside the channel. As per the technical aspects based on the 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 5100. The negative rally could be testing all the way up to 5050-5000 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 5320 levels. Key resistance holds at 5320.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/17/2018 9:33:00 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 near an interim trend line inside the channel, and retesting near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5350-5400 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

2:00 AM

-2.100M

-----

9.750M

Tonight

 

 

 

 

Crude Oil Inventories

8:00 PM

-----

2.167M

5.987M

EIA Weekly Distillates Stocks 8Pm

8:00 PM

-----

-1.280M

-2.666M

Gasoline Inventories

8:00 PM

-----

-1.074M

0.951M

 

An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5200 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5120 levels. Key resistance holds at 5400.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/16/2018 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. Previously few sessions ended up consolidated retesting near an interim trend line inside the channel, and gave a close near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5330-5400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5200 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5120 levels. Key resistance holds at 5400.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/15/2018 9:22:00 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 bearish in trend retesting near an interim trend line inside the channel, and gave a close near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5320-5400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5200 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5120 levels. Key resistance holds at 5400.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/12/2018 9:14:00 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 bearish in trend near an interim trend line inside the channel, and gave a close near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5300-5400 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5200 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5120 levels. Key resistance holds at 5400.


Research Report call:

Technical Chart:
crude-chart
Crude oil 10/11/2018 9:05:00 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, and gave a close near a strong junction support zone. As per the technical aspects based on the price action, the market is expected to retest the junction zone and turn to bullish trend. The positive rally could be testing all the way up to 5520-5600 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

2:00 AM

9.750M

-----

0.907M

Tonight

 

 

 

 

Crude Oil Inventories

8:00 PM

-----

2.620M

7.975M

EIA Weekly Distillates Stocks 8Pm

8:00 PM

-----

-2.005M

-1.750M

Gasoline Inventories

8:00 PM

-----

-0.042M

-0.459M

 

An alternative scenario indicates that if the market breaks below the key support (junction) zone holding at 5420 and give a close, then it might have a chance to continue on the bearish momentum. Such break out could possibly test up to 5300 levels. Key resistance holds at 5600.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/10/2018 9:28:00 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 bullish in trend after retesting an interim trend line inside the channel. As per the technical aspects based on the price action, the market is expected to continue on the bullish trend. The positive rally could be testing all the way up to 5600-5660 levels in the upcoming sessions. An alternative scenario indicates that the market might have a chance to give a small correction along the way over negative momentum. Such correction could possibly test up to 5500 levels. Key resistance holds at 5660 and support at 5460.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/9/2018 9:29:00 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 bullish in trend after retesting an interim trend line inside the channel. As per the technical aspects based on the price action, the market is expected to continue on the bullish trend along with some negative corrections. The positive rally could be testing all the way up to 5560-5660 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support zone which is holding at 5420, then it might revise the trend to bearish once again. Such reversal could test up to 5350 levels. Key resistance holds at 5660.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 10/8/2018 9:05:00 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 a strong key support zone inside the channel. As per the technical aspects based on the price action, the market is expected to continue on the bullish trend along with some negative corrections. The positive rally could be testing all the way up to 5620-5680 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below the key support zone which is holding at 5480, then it might revise the trend to bearish once again. Such reversal could test up to 5350 levels. Key resistance holds at 5680.


Research Report call:

Technical Chart:
crude-chart