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Home » Crude oil traded lower amid concern of rising in the US crude stockpiles. Evening MCX Update.

Crude oil traded lower amid concern of rising in the US crude stockpiles. Evening MCX Update.

Crude Oil

 

Crude oil traded lower on Tuesday with a continuously third-day fall amid concern demand concern due to the rise in the US crude stockpiles. On the other hand, Precious metals and base metals trading in a tight range over rising inflation concern and a recent spike in US Treasury yields.

Today, traders should concentrate on Core Retail Sales m/m along Retail Sales m/m, Import Prices m/m, Capacity Utilization Rate, Industrial Production m/m, Business inventories m/m, NAHB Housing Market Index with 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 6:00 PM Core Retail Sales m/m [{Previous (5.9%)} {Expected (0.2%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 6:00 PM Retail Sales m/m [{Previous (5.3%)} {Expected (-0.3%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 6:00 PM Import Prices m/m [{Previous (1.4%)} {Expected (1.1%)]. Forecast figure is negative for Base metals while positive for Bullions.

USD 6:45 PM Capacity Utilization Rate [{Previous (75.6%)} {Expected (75.6%)]. Forecast figure is neutral for Base metals and Bullions.

USD 6:45 PM Industrial Production m/m [{Previous (0.9%)} {Expected (0.4%)]. Forecast figure is negative for base metals while positive for Bullions.

USD 7:30 PM Business inventories m/m [{Previous (0.6%)} {Expected (0.3%)]. Forecast figure is positive for Base metals while positive for Bullions.

USD 7:30 PM NAHB Housing Market Index [{Previous (84)} {Expected (84)]. The forecast figure is neutral for Base metals and Bullions.

 

 

 

Technical Levels of Crude Oil and other Major Commodities 

 

 

Gold (April)

Gold has its support at 44700 and resistance at 45200.

Trade within the range and wait for confirmation.

 

Silver (May)

Silver has its support at 66700 and resistance at 68100.

Trade within the range and wait for confirmation.

 

Crude oil (March)

Crude oil has its support at 4650 and resistance at 4760.

Wherever it breaks and closes will decide the further direction of Crude oil prices.

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

 

Natural Gas (March)

Natural gas has its support at 180–176 and resistance at 185.

Wherever it breaks and closes will decide the further direction of Natural gas prices.

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

Trade with the levels only.

 

Zinc (March)

Zinc has its Support at 218 and resistance at 221.

Wherever it breaks and closes will decide the further direction of Natural gas prices.

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

 

 

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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