MCX CRUDE OIL - 1 BBL
MCX crude oil moving up from support zone @ 23.6% fibonacci retracement support zone @ 3478.
Price rise expecting as long as MCX crude oil holds above 3478.
If moves up further then it will find resistance @ 3780 its recent top.
As per the latest new published by major broking houses in India Oil price will remain trade higher on output cuts by the OPEC nations and also comments from IEA about the tightening oil market.
MCX crude oil finding strong support at current levels, technical indicates weakness expecting once mcx crude oil closes and holds below 3478.
Intraday weakness expecting once it holds below its support zone @ 3478.
News - US crude oil futures (WTI) also settled -2.7% ($51.08) on prospect of rising US shale production.
February production will edge up 40750 barrels per day to 4.748 million bpd, in January it was expected to drop by 5900 bpd.
MCX Crude oil moving up from support and so far holding up only.
Technical indicates further price rise expecting in coming days.
If moves up further then it will find resistance @ 3780 its recent top as shown in above technical chart.
News - In US oil price is moving up due to struggling US dollar and also on news by Saudi Arabia that it would cut output ahead of OPEC`s.
The US dollar also trading on six weeks low against major currencies.
Moreover Russia oil production is expected to reach another post-Soviet high in year 2017.
MCX Crude oil moving up from support zone @ 3478, as long as it holds above bulls will be favored.
If MCX Crude oil moves up further then will find strong resistance @ 3780 its recent top.
News - Crude oil rose up by 1 % in international and national markets on Thursday on news that crude exporter (Russia and Saudi Arabia were cutting production to reduce a global crude glut. And their was also a forecast that their will a record demand in crude by China.
US crude futures settled up 76 cents to $53.01 barrel a gain of 1.5%.
MCX Crude oil moving up from long fibonacci retracement support zone @ 3478.
As long as it holds above 3478 bulls will be favored and price rise expecting.
News - Oil prices rise more than 2% as Saudis cut supplies, shrug off bearish US stockpile.
MCX Crude oil moving up from support zone, bulls will be favored.
If it moves up further will find next strong resistance around 3780 its recent top.
News - NYMEX crude oil for delivery in February inched up 23 cents, or about 0.4%, to end at $53.99 a barrel.
MCX Crude oil moving up from support.
If it moves up further then will find intraday strong resistance @ 3672 & 3693.
News - Oil futures on Thursday rose for a second straight session to finish at a one-week high as investors wrestled with U.S. government data that revealed a drop in weekly crude supplies, but a larger-than-hoped jump in stockpiles of gasoline and distillates.
MCX Crude oil moving up from support zone @ 3552, technical indicates bulls will be favored as long as it stays above 3552.
News from the globe - Oil prices firm on US crude inventory fall, record car sales.
MCX Crude oil showed a false bullish breakout signal, as it closed above its resistance zone and after that witness sharp selling pressure.
Close watch MCX Crude is now at support @ 3552, further weakness expecting if it closes and holds below 3552.