AHMEDABAD (Commodity Online): Crude February futures has gap down opening at 4854 rupees on MCX after falling more than 1.3% yesterday made low of 4855 rupees and closed at 4861 rupees due to bullish inventory data pressured by low fuel demand. On NYMEX also prices declined by 1% and broke the psychological levels of $98 irrespective of concerns over Greece debt restricting.
EIA reportedcrude oil inventories rose by 4.2 mbls in the week ended February 01, confounding expectations for a 3.2 mbl increase. Total crude oil inventories stood at 338.9mbls as of last week, booking the highest level since the week ended Nov 4.Previous week the stockpiles stood at 3.6 mbls.
Now technically on charts crude seems sideways to bearish traders can short it near at 4880 with stoploss of 4924 rupees for the target of 4800 rupees informed Rushabh Mehta, analyst with Commodity Online.
Investors still needs to keep watch on developments on Iran and Eurozone, he added.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050 or mail to tips@commodityonline.com.
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