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Home » Crude Oil recovered for its second day from continuous panic. Technical levels of Major MCX Commodities.
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Crude Oil recovered for its second day from continuous panic. Technical levels of Major MCX Commodities.

Crude Oil Barrels

23rd April 2020

 

 Crude Oil recovered for its second day on Thursday after continuous panic due to oversupply and weak demand as the news that the U.S. President Donald Trump authorized the Navy to shoot down Iranian gunboats may also have supported prices. On the other hand, Gold traded higher on the expectation of more U.S. stimulus measures to ease the economic blow from the coronavirus crisis.

Today, traders should concentrate on the Unemployment Claims, Flash Manufacturing PMI, New Home Sales, and Natural Gas Storage from the house of the US which will impact on Metals and Bullions and Emery segment. If the forecast figure match with the actual data then the possible impact are as follows:

Major Economic Data for the day

 

USD 6:30 PM: Unemployment Claims [{Previous (5245K)} {Expected (4350K)]. The forecast figure is neutral for Base metals and Bullions.

USD 7:15 PM: Flash Manufacturing PMI [{Previous (48.5)} {Expected (35.1)]. The forecast figure is negative for Base metals while positive for Bullions.

USD 7:30 PM: New Home Sales [{Previous (765K)} {Expected (643K)]. The forecast figure is negative for Base metals while positive for Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (73B)} {Expected (43B)]. The forecast figure is positive for Natural Gas prices.

 

Technical Levels of Crude Oil and other major mcx commodities

 

Gold (June)

Gold has its support at 46150 and resistance at 46650.

Above 46550 could test 46900—47000 or else it could test its support again.

Fresh selling will do on a close below 46150.

Trade with the levels only.

 

Silver (May)

Silver has its support at 42100 and resistance at 42850.

Above 42850 could test 43500—43600 or else it could test its support again.

Fresh selling will do on a close below 42100.

Trade with the levels only.

 

Crude Oil (May)

Crude oil has its support at 1050 and resistance at 1260.

Above 1260 could test 1450—1500 or else it could test its support again.

Crude Oil fresh selling can do on a close below 1050.

Trade with levels only.

 

Natural Gas (April)

Natural gas has its support at 144 and resistance at 151.

Above 151 could test 160—165 or else it could test its support again.

Fresh selling will do on a close below 144.

Trade with the levels only.

 

Nickel (April)

Support at 925 and resistance at 947.

Above 947 could test 970—980 or else it could test its support again.

Fresh selling will do on a close below 925.

Trade with the levels only.

 

Copper (April)

Support at 395 and resistance at 401.50.

Above 401.50 could test 406—408 or else it could test its support again.

Fresh selling will do on a close below 395.

Trade with the levels only.

 

Click here to read our yesterday major MCX commodity levels update.

 



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