WTIC Crude in the International market had lost more than 24% in the last two months due to too many negative factors. WTIC crude oil dips below $55 to its lowest level in a year, extending a record losing streak. Sentiment went really extreme negative when US President Donald Trump tweeted “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!”
Now crude is trading around 4960 ($90.40) & as we can see on charts the area around this level represent 61.8% feb correction level of last wave . At the same time this area is in combination of parallel support. Oversold indicators also hinting for a correction or sideways trading ahead.However there is no positive pattern or move.
MCX Crude Oil is in buy mode with the support around Rs. 4248 based on our Ichimoku trading system.MCX Natural Gas is in buy mode with the support around Rs. 192.
MCX Crude Oil is in sell mode with the resistance around Rs. 4297 as per the Ichimoku Trading system.
The yellow metal is still in buy mode with the support around Rs.22105 per 10 grams. Reverse the position if the support breaks.