Monday, 11 January 2016

Commodity Market Updates on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
Crude Oil managed to rebound from its multi-year lows at 2156 levels yesterday. Intraday support for the counter is seen around 2225 below which prices will slip back towards 2184 areas. A decisive break out above 2292 will push the counter higher towards 2335/2400 levels. Daily close below 2184 will see the downtrend resume towards 2100/2070 areas.

Natural Gas (Rs./Mmbtu):
Natural gas prices moved higher post the inventory data yesterday. Sustenance above 160 will see prices test next resistance around 162 areas. Traders holding long positions should maintain a strict stop loss of 156.50. A decisive break below this level will push prices lower towards 151/149.70 levels. Sustenance above 162 will push the counter higher towards 165.

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