MTECHTIPS MCX CRUDEOIL INTRADAY trading analysis 01-02-2016
MTECHTIPS MCX CRUDEOIL INTRADAY trading analysis 01-02-2016
Mcx Crude oil has support at 2230 and resistance at 2350. Close above 2350 will take to 2400—-2430 and then to 2500 mark in days to come else it could test its support level of 2230 again. Two consecutive close below 2230 will see sharp downside move till 2170—2130 and then to 2070 mark again. More and more panic will see only weekly close below 2070 mark. Now upper side seems limited in Crude oil and now we will expect a long consolidation phase in Crude oil for next few weeks in the range of 1800—2500. Here traders can try to book full profit near to its resistance and trade safely with levels only. Nimble traders can try to get an opportunity to trade with in and out strategy until and unless any major clear direction seen in it or news comes out from developed economics.
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The focus on Wednesday was U.S. government data showing a 10.6 million-barrel surge in gasoline supplies, the biggest build since 1993, which some traders said signaled a slow-down in demand that could prolong the global glut. The figures overshadowed a 5.1 million-barrel fall in crude stocks. MMf Solutions Singapore provides Best Crude Oil Tips after analysing all these trends of the market.
http://www.mmfsolutions.sg/services/comex-pack/crude-oil-tips/