AHMEDABAD (Commodity Online): Crude futures rallied and made high of RS 4885 and closed more then 1.7% at Rs 4858 rallying northward yesterday doe to positve news about Greece debt as ECB agreed 130 billion Euro package which gave robustness to US equities and Crude oil on NYMEX traded above $98 which was a weekly high.
Another important thing is noticed that WTI $99.19 and Brent Crude $116.44 is huge gap of $17.44 due to chilling winter in Europe and Iran issue as well as supply constraints from Sudan, Syreia and Nigeria.
Technically on charts crude oil prices are looking bullish positional traders can buy on dips near 4760-80 with stoploss of 4680 for the target of 50 DEMA at 5040 rupees,informed Rushabh Mehta, analyst with Commodity Online.
Today for crude oil prices traders should be focusing on crude oil weekly inventory released by EIA on later part of evening at 09.00 pm IST. As per the survey there would be decrease into stoockpile at 2.9 million barrels as compared to previous weekly inventory 4.2 million barrels, 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.
Get Trading tips on your mobile
