Tuesday, 5 January 2016

Commodity News on Natural Gas and Crude Oil

Crude Oil (Rs/Bbl):
We reiterate that crude oil prices need to sustain above 2540 to rally higher towards resistance zones between 2590—2620 areas. Failure to sustain at higher levels will push prices lower towards 2440—2411 levels. Any major reversal in trend is likely only above 2660.

Natural Gas (Rs./Mmbtu):
A break below 149 will push Natural gas prices lower towards recent swing lows at 146.10. Pullback rallies will face resistance around 153.30—155 areas. Weakness at higher levels can be sold into by day traders. Areas between 160—162 are major resistance zones for the counter. A daily close below 146 will push prices lower towards 136.50.

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