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Crude Oil Technical Outlook on Inventory

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Posted by : Nifm
3 June, 2015, 5:00 PM
Crude Oil Technical Outlook on Inventory
The Inventory data is released by EIA (Energy Information Administration).   Crude oil Inventory is also called Crude oil Stocks, Crude oil Level.   Inventory is basically Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.   It is Released Every week, 4 days after the week ends.   While this is a US indicator, it most affects the loonie due to Canada's sizable energy sector.   Crude oil trader should take care before trading on inventory day because It influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods.   High Alert: Crude oil inventory @8pm: Forecast -1.9M Previous -2.8M. If Inventory comes greater than forecast that will be a supportive for crude oil. Crude Oil price may hike (Vice-versa if Less than Forecast)   MCX Crude oil June contract on mcx closed 88 rupees up to at 3918. Today resistance is at 3950 if sustain above this level the next level will be 3980-4000. Key resistance remains at 4000 and any sustained move above this level will move for a rally for the target of 4100 and more. Support is now around 3820 zones if sustained below this level will be 3740 and more possible. Key support remains at 3625-3600 zones.

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