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Home » Crude oil price rises as US inventory is falling continuously. Major MCX Commodity update for the evening session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil price rises as US inventory is falling continuously. Major MCX Commodity update for the evening session.

Crude Oil

 

 

Today, traders should concentrate on Crude Oil Inventories, Natural Gas Storage, Philly Fed Manufacturing Index and Unemployment Claims data from the house of US.

The price of crude oil rose in overnight trading as investors reacted to the latest inventories data by the American Petroleum Institute (API). The data revealed that the number of inventories declined by another 5.8 million barrels. This was a sharper decrease compared to the previous week’s 3.5 million barrels. The Energy Information Administration (EIA) will publish its latest inventories numbers later today. The price of oil has also risen because of the ongoing cold season in Texas and the strike in a Norwegian port.

USD 7pm: Us Philly fed manufacturing data – [{Previous (26.5)} {Expected (20.3)]. The forecast figure is positive for base metals while negative for billions.

USD 7pm: Unempolyment claim data- [{Previous (793K)} {Expected (775K)]. The forecast figure is positive for base metals while negative for bullions.

USD 9pm: Natural Gas Storage [{Previous (-171B)} {Expected (-250B)]. The forecast figure is negative for natural gas

USD 9:30pm: Crude Oil Inventories[{Previous (-6.6M)} {Expected (-2.1M)]. The forecast figure is negative for crude oil

 

 

Technical Levels of Major MCX Commodities

 

Gold (April)

Gold has its support at 46150 and resistance at 46710.

Break and sustain below 46150 will take it to 45700 levels or else it could test its resistance again.

Fresh buying will do on a close above 46710.

Trade safely with levels only and wait for confirmation.

 

Silver (March)

Silver has its support at 68350 and resistance at 70000.

Break and sustain below 68350 will take it to 67300—66500 levels or else it could test its resistance again.

Fresh buying will do on a close above 70000 levels only.

 

Crude oil (Feb)

Crude oil has its support at 4325 and resistance at 4500.

Break and sustain above 4500 will take it to 4650 levels or else it could test its support again.

Fresh selling will do on a close below 4325 levels only.

 

Natural Gas (Feb)

Natural gas has its support at 231 and resistance at 240

Above 240… target looks 250. More and upside rally we will see on close above 250 mark

Fresh selling will do on a close below 231 levels only.

 

Copper (Feb)

Copper has its support at 649 and resistance at 657.

Break and sustain above 657 will take it to 663—667 levels or else it could test its support again.

Fresh selling we will do on a close below 649 levels only.

 

 

Commodity Update on WhatsApp

 

 

We are a SEBI registered investment advisor. The above free information is for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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