AHMEDABAD (Commodity Online): Crude Oil Feb moved up 1.11% today. Crude Oil opened at 3434 and made a low of 3430 and day’s high of 3472. Total volume for the day is 26758 lots and open interest is around 15640. Support for Crude Oil is at 3410. Resistance level is at 3500.
The MSCI Asia Pacific Index rose 0.5 percent to 116.5 in Tokyo as banks reported higher profits. Japan, the world’s third-biggest oil consuming country, yesterday reported 4.6 percent growth in gross domestic product for the three months ended Dec. 31, surpassing the 3.5 percent median estimate of economists surveyed.
Crude Oil prices have increased from 3275 to 3506 in 9 days. 14 days RSI for Crude Oil is at 56 and it is increasing continuously since last 6 days due to buying pressure.
“Technically, one can long Crude Oil at 3450 with a stop loss of 3400 for target of 3500,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
“Fundamentally, Crude Oil is very strong. One can enter into a long position at 3350 levels for long term,” said Shah.
