UPDATION ON CRUDE OIL

UPDATE ON CRUDE OIL

FUNDAMENTAL REPORT:-

Oil prices fall as weak China data, oversupply drag on markets. Crude oil prices reversed earlier gains on Tuesday, as gloomy Chinese data dragged on sentiment in a market already weighed down by persistently high production levels. The supply side continues to be dominated by producers' unwillingness to cut output and that has led to a surplus of hundreds of thousands of barrels of crude every day as well as a price drop by two-thirds since mid-2014.  

ANZ said the tensions between Saudi Arabia and Iran "will further aggravate the oversupply situation in 2016".

TECHNICAL REPORT:-   

    Fundamentally it is bearish. So, look on the technical analysis  the below chart shows the hourly chart of crude oil it shows yesterday the price is rise up to 2566 but it again turned back to 2460 levels and closed at 2465.

                                                                                

Now what we expect  the average price of the crude oil is 2488 and it has Support at 2430 and Resistance at 2490---2540

Two consecutive closes + Close below 2430 will take to 2370---2320 and then to 2250 mark in days to come else it could test its resistance level of 2540 again

If Close above 2540 will take to 2630---2680+ mark

Any way Trade with levels only