Commodity Trading Tips for Crude oil by Kedia Commodity

Crude oil ended lower in the line of expectation tracking equities, which fell as a smaller-than-expected rise inretail sales last month raised worries about the strength of the economic recovery. The dollar rebounded from its early lows, keeping crude down. That overshadowed earlier news showing that inflation was lower than expected in China, and continuing worries about spreading unrest in the Middle East.

Traders also positioned ahead of weekly petroleum inventory reports, forecast that domesticcrude stocks rose 2.2mln bls last week, gasoline supplies gained 1.7mln bls and distillate stocks fell 800k bls. now technically market is trading in the range and getting support at 3797 and below could see a test of 3763 level, And resistance is now likely to be seen at 3889, a move above could see prices testing 3947.

Trading Ideas: Crude trading range is 3763-3947. Crude oil ended lower as concerns about high U. S. crude supplies overtook worries of spreading unrest Crude oil looks to get resistance at 3868 and support is seen at 3802 level. Today crude oil inventories: EXP: 1.8M PREV: 1.9M Crude $ is Trading at : 84.72$.

(Source: http://www.topnews.in/commodity-trading-tips-crude-oil-kedia-commodity-2313163)