AHMEDABAD (Commodity Online): Crude Oil Feb moved up 0.26%. Crude Oil opened at 3440 and made a low of 3429 and day’s high of 3448.Total volume for the day is 18020 lots and open interest is around 15028. Support for Crude Oil is at 3380. Resistance level is at 3500.
China, the world’s second-largest oil consuming economy ordered banks to set aside more deposits as reserves for the second time in a month on Feb. 12, signaling slower economic growth and reduced energy demand. Saudi oil ministry adviser Mohammad al-Sabban said the U.S. is promoting nuclear power as a means of cutting oil imports
Crude Oil prices are continually increased from 3275 to 3506 in 8 days. 14 days RSI for Crude Oil is at 54 and it is increasing continuously since last 6 days due to buying pressure.
“Technically, one can short Crude Oil at 3450 with a stop loss of 3500 for target of 3350,” 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.
