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Technical Analysis
Inventory Special: Crude Oil Technical Outlook
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25 March, 2015, 2:00 PM
The Inventory data is released by EIA (Energy Information Administration).
Crude oil Inventory is also called Crude oil Stocks, Crude oil Level.
Inventory is basically Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
It is Released Every week, 4 days after the week ends.
While this is a US indicator, it most affects the loonie due to Canada's sizable energy sector.
Crude oil trader should take care before trading on inventory day because It influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods.
High Alert: Crude oil inventory @8pm: Forecast 5.0M Previous 9.6M. Inventory forecast shows positive in stocks.
MCX Crude oil April contract inched 65 rupees up to closed at 2930. Today's support is around 2929 if sustain below this level then the next level will be 2850-2800 and more. There is a Long upper shadow on yesterday’s candle hints existence of supply near 3050 zones. Any sustained move above 3050 would call for 3100-3170 and more upside.
Recommendation: Strong support around 2650 failure below then next level will be 2570-2520 and more. Upside resistance around 3050 above this level crude may blast for upside for the target of 3200-3500 n more upside.
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