Crude Updates: Trend and Outlook

Yesterday, Crude Oil fell dur to weak demand which continued to generate bearish sentiment. Today, Crude Oil prices are expected to trade higher as the prices has tested important support around 4700. The prices are expected to test 4782 – 4800 resistance levels.

Crude Oil (Feb) Support: 4752 - 4852.
Resistance: 4873 - 4953.

Crude Oil Updates: Trend and Outlook

Today, Crude Oil prices are expected to trade on a positive note, as market sentiments are witnessed positive and a weaker dollar will help for the upside support. Little pull back is expected to be seen during Asian session due to higher equity market. Traders are advised to sell Crude Oil on higher levels.

Technical Levels for Today
                                     Unit      Support        Resistance
NYMEX Crude Oil      $/bbl      99.79 - 98.89   101 - 101.94
MCX Crude (Jan’12)   Rs/bbl     5057 - 5024     5119 - 5170