Crude Oil Technical View - RR Information Research

Crude Oil Technical View - RR Information Research

New Delhi : India | Jun 17, 2013 at 2:47 AM PDT
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Crude oil has eased back ahead after moving closer to $98/bbl last week. We expect price to remain bullish and may test $104bbl. Crude market remains well supplied while demand outlook remains uncertain. The US fiscal deal has averted concerns about its economic impact however market confidence will remain uncertain.

Mixed US economic data, higher US production and reports of lower supply from Seaway pipeline will also weigh on WTI crude price. Focus this week will be on US economic data especially GDP estimate, non-farm payrolls and ISM manufacturing and FOMC meet. On euro-front, focus will be on economic data and regional bond auction.

As shown on the weekly chart, MCX Crude oil has been forming symmetrical triangle price pattern (R-S) since past three months. Last week the price has breached trend line resistance R at Rs.5500 level and rallied sharply and breaks the 15 month high level. Hence, the medium-term trend looks bullish. Any dip towards Rs 5600 level should be utilized as a buying opportunity. However in the Indian markets the volatility in the INR is generating a pace in crude oil movement. In Mcx Crude oil 5500 is crucial support level to watch out for.

Weekly chart has generated fresh buy signal and indicates continues of upward movement in short term. The next immediate resistance appears around 5780, breaching which the stock can reach 5920 levels. The 14-period RSI has also breached a triangle consolidation (as shown by dotted lines), hence further upside in price is possible. As long as the price sustains above the support of Rs.5500 level on a daily closing basis, buying on dips would be the advisable strategy for the short-to-medium term.

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Crude Oil Technical View
Crude oil has eased back ahead after moving closer to $98/bbl last week. We expect price to remain bullish and may test $104bbl.
rrfinance is based in New Delhi, Delhi, India, and is a Stringer on Allvoices.
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