YESTERDAY SILVER HIT FIRST TGT 34750!!!!!!!!!!
“SELL CRUDEOIL BELOW 2110 TGT 2070,2020 SL 2170”
Review:
Crude oil prices yesterday slumped
heavily seeing over production figures from the OPEC region along with slowing
down of the world’s second biggest economy As per closing basis, WTI International for
March monthcontract suffered losses around 6%, registering at $31.62/bbl,
whereas Brent crude oil for April month contract moved down by 5%, registering
at $34.24/ bbl MCX crude oil prices for
February month contract suffered losses around Rs. 133, registering at Rs.
2153/ bbl .Crude oil prices showed massive gains last week probably due to the
distillate consumption in the United States and on rumor of some production
cuts by the OPEC members on technical discussion with the Russians. OPEC showed
multi- decade high figures in January month after which the market became
bearish and major contribution rise was from Iran, Indonesia and other smaller
OPEC nations.
Iran as mentioned before is targeting half a million barrel per
day as soon as possible and another half within six months. Yesterday, China
again showed a slowed down data, after which the commodity market went into
bearish note seeing slow down in world’s second biggest economy. Prices today
moved down as the inventory expectations are on down side.
Outlook:
The above is hourly chart of Crude Oil.
It suggests that prices are making higher highs and lows. Momentum indicator
RSI is suggesting positive reversal in the prices. It is expected to hold above
immediate support of 2060 levels. On the upside, resistance is located at 2195
levels.
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