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Crude Oil Technical Outlook for intraday Back

The hot commodity crude oil is continously trading in a bearish mode. On wednesday crude oil prices fell almost 2 percent on Wednesday after a huge drawdown in Energy stockpiles was offset by a larger-than-forecast build in gasoline and distillates.

US Crude inventories fell 5.5 million in the week to Aug. 21, the biggest one-week decline since early June, according to U.S. government data that countered a Reuters poll of analysts calling a rise of 1 million barrels. Gasoline stocks also rose, by 1.7 million barrels versus forecasts for a 1.3 million-barrel drop, the data from the Energy Information Administration (EIA) showed. Higher Gasoline Stock also pushes down to crude in bottom level. Distillates climbed by 1.4 million barrels, against expectations for a 1.0 million barrels increase. On Monday, both crude oil benchmarks saw their lowest trades since early 2009, dropping as much as 6 percent in one session after heavy falls in equity markets.

Technical outlook: Today Crude oil support is around 2570 if sustained below this level the next level will be 2530 zones. Areas of 2530-2540 will be crucial to watch and if it failure of this level the next supportive level 2450-2330 possible soon. In the upper side Resistance is now seen around 2690 if sustained above this level then we will see a level of 2730-2770. 

Crude Oil Technical Outlook for intraday
Posted on: 27-Aug-2015 | Posted by: NIFM | Comment('1')
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