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Crude Trading Ideas: June 11, 2012

ByCommodityOnline
Published 06/11/2012, 02:53 AM
Updated 05/14/2017, 06:45 AM

Crude trading range for the day is 4610-4716. Technically market is in oversold as RSI for 18 days is currently indicating 29.87, where as 50 DMA is at 5191.7 and Crude is trading below the same and getting support at 4642 and below could see a test of 4610 level. Resistance is now likely to be seen at 4695 and a move above could see prices testing 4716.

Crude ended higher on short covering on weekend after prices fell Friday as Spain's banking troubles, broader European economic problems and fading hopes about more U.S. Federal Reserve monetary stimulus darkened the outlook for global oil demand. 

Crude oil prices touched a high of $87.03/bbl in the last week and closed at $84.34/bbl in the last trading session. On the domestic bourses, prices declined by 0.1 percent on account of appreciation in the Indian rupee and closed at Rs.4,625/bbl on Friday after touching a low of Rs.4,522/bbl during the last week.

China's crude oil stocks at the end of April were up 4.36 percent on the month in their second rise in a row, indicating oil firms probably kept restocking despite slowing demand in the world's top energy consumer, whose imports of crude in April fell 2.3 percent from March.

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