Wednesday, 23 December 2015

Commodity Market Energy News For Today

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Crude Oil (Rs/Bbl):
Failure to break below 2400 will see crude oil prices drift higher towards 2460/2500 levels. Selling can be seen as prices approach higher levels. Sustenance below 2400 will push prices lower towards 2366/2330 levels. Weakness at higher levels can be sold into by day traders. The broader technical setup for the counter continues to be negative.

Natural Gas (Rs./Mmbtu):
Natural Gas witnessed a strong bounce once prices started to trade above 123 levels yesterday. Sustenance below 125 will see prices correct towards 124—123 zones. Reversals from lower levels should be used to go long in the counter. Momentum above 128.50 will see prices rebound towards 131/132.50 levels. The outlook for the counter will be positive until prices stay above 123 on a closing basis.

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