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Home » Crude oil prices slipped due to concern of increase in supply by OPEC+ members. Major MCX Commodities update for the Evening Session.
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

Crude oil prices slipped due to concern of increase in supply by OPEC+ members. Major MCX Commodities update for the Evening Session.

Crude Oil

 

 

Crude oil prices slipped on Wednesday in the early trading session due to concern of an increase in supply by OPEC+ members but then recovered sharply from a lower level in the hope of positive Crude oil inventories. On the other hand, precious metals traded lower weighed down by positive dollar index.

Today, traders should concentrate on ADP Non-Farm Employment Change along with Final Services PMI, ISM Services PMI, Crude Oil Inventories, Prelim Wholesale Inventories m/m, CB Leading Index m/m, New Home Sales and Natural Gas Storage from the house of the US which will impact Base metals and Bullions. If the forecast figure match with the actual data then the possible impact as follows:

USD 6:45 PM ADP Non-Farm Employment Change [{Previous (174K)} {Expected (203K)]. The forecast figure is positive for Base metals while negative for Bullions.

USD 8:15 PM Final Services PMI [{Previous (58.9)} {Expected (58.9)]. Forecast figure is neutral for Base metals and Bullions.

USD 8:30 PM ISM Services PMI [{Previous (58.7)} {Expected (58.7)]. Forecast figure is neutral for Base metals and Bullions.

USD 9:00 PM Crude Oil Inventories [{Previous (1.3M)} {Expected (-1.3M)]. Forecast figure is positive for Crude oil price.

Technical Levels of Crude Oil and other Major Commodities 

 

 

Gold (Apr)

Gold has its support at 44900 and resistance at 45300.

Wherever it breaks and closes will decide the further direction of Gold.

Till then trade within the range and wait for the confirmation.

 

Silver (May)

Silver has its support at 68000 and resistance at 69000.

Trade within the range and wait for confirmation.

 

Crude oil (March)

Crude oil has its support at 4360 and resistance at 4510.

Break and sustain above 4510 will take it to 4650—4700 levels or else it could test its support again.

Fresh selling will do on a close below 4360.

Trade with the levels only.

 

Natural Gas (March)

Natural gas has its support at 207 and resistance at 211.

Break and sustain above 211 will take it to 215—220 levels or else it could test its support again.

Fresh selling will do on a close below 207.

Trade with the levels only.

 

Nickel (March)

Nickel has its Support at 1340 and resistance at 1360.

Break and sustain below 1340 will take it to 1320—1300 or else it could test its resistance again.

Fresh buying will do on a close above 1360.

Trade with the levels only.

 

 

 

 

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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