Tuesday, 10 March 2015

Daily Energy News In Commodity Market

Crude oil prices retraced sharply from its recent swing highs at 3279 levels and tested support around 3100 levels today. Prices have resistance at 3150-3165 areas and the counter needs to pullback above the same for it to re-test 3200 levels. Any major corrective move is likely to find support between 3080-3050 levels. Prices are consolidating in a range of 3050-3250 levels.

Natural gas prices have opened with a negative gap and are likely to slide lower towards next support at 171. An intraday bounce towards 175.50 is likely in the counter as the session progresses. A close below 171 will open up further downside in the counter and prices can head lower towards 167 levels. 180-181 areas have been established as the major resistance for the counter in case of a strong pullback from lower levels.

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