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Crude Oil Technical Comment For The Day

Crude Oil has become quite bearish after the trendline support set at Rs 5774 per barrel got breached. The most active contract ended at Rs 5704 per barrel on 10 January 2014. Resistance for the contract is at Rs 5774 per barrel. Further supports for the contracts are at Rs 5650 per barrel. On weekly charts, first corrective wave for Crude that started from 1 September 2013 is still active. Continuation for the first wave Crude Oil is expected at Rs 5580 per barrel. Crude Oil has also breached a double bottom formation that is a bearish confirmation for long run. NYMEX Light Sweet Crude Oil traded at $ 92.42 per barrel, up $ 0.32 per barrel.

Source : Capital Market

Shubhlaxmi Harish

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