Crude Oil

Crude Oil 12/14/2018 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 in sideways trend along with some corrections. 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 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 3630 then it might revise the trend to bearish. Such break out could possibly test up to 3500 level. Key resistance holds at 3950.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/13/2018 9:27:00 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 in sideways trend along with some corrections. 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 3850-3900 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 3700 then it might revise the trend to bearish. Such break out could possibly test up to 3600 level. Key resistance holds at 3900.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/12/2018 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 in sideways trend along with some corrections. 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 the key resistance holding at 3850. The positive rally could be testing all the way up to 3900-4000 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

3:00 AM

-10.180M

-----

5.360M

Tonight

 

 

 

 

Crude Oil Inventories

9:00 PM

-----

-2.990M

-7.323M

EIA Weekly Distillates Stocks 8Pm

9:00 PM

-----

1.801M

3.811M

Gasoline Inventories

9:00 PM

-----

2.461M

1.699M

 

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 3700-3600 levels. Key support holds at 3600.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/11/2018 7:43:00 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 along with some corrections. 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 the key resistance holding at 3850. The positive rally could be testing all the way up to 3900-4000 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 3800-3700 levels. Key support holds at 3600.


Research Report call:

Technical Chart:
crude-chart
Crude oil 12/10/2018 8:08:00 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 the channel’s support slope line. 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 the key resistance holding at 3870. The positive rally could be testing all the way up to 3900-4000 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 3800-3700 levels. Key support holds at 3700.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/7/2018 9:27:00 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 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 the key support holding at 3580. The negative rally could be testing all the way up to 3500-3400 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 3700-3800 levels. Key resistance holds at 3800.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/6/2018 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. Previously few sessions ended up bullish in trend along with some correction 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 the key resistance holding at 3850. The positive rally could be testing all the way up to 3950-4000 levels in the upcoming sessions.

 

Crude oil Inventory forecast:

Time

Actual 

Forecast

Previous

API Weekly Crude Oil Stock    

3:00 AM

5.360M

-----

3.453M

Tonight

 

 

 

 

Crude Oil Inventories

9:30 PM

-----

-0.942M

3.577M

EIA Weekly Distillates Stocks 8Pm

9:30 PM

-----

1.180M

2.610M

Gasoline Inventories

9:30 PM

-----

1.300M

-0.764M

 

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 3700-3600 levels. Key support holds at 3600.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/5/2018 9:25:00 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 the channel’s support line. 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 the key resistance holding at 3800. The positive rally could be testing all the way up to 3850-3900 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 3700-3600 levels. Key support holds at 3600.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/4/2018 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 session ended up bullish in trend after retesting the channel’s support line. 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 the key resistance holding at 3780. The positive rally could be testing all the way up to 3850-3900 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 3680-3580 levels. Key support holds at 3580.


Research Report call:

Technical Chart:
crude-chart
Crude Oil 12/3/2018 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 bearish in trend retesting the channel’s support line. 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 the key support holding at 3500. The negative rally could be testing all the way up to 3400-3300 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 3650-3750 levels. Key resistance holds at 3750.


Research Report call:

Technical Chart:
crude-chart