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Crude Oil Technical Outlook on Inventory

MCX Crude oil Feb contract inched 5 rupees changed up to settle at 2837. Today support would be at 2800 any failure of this level may bring 2750-2720. Strong area 2700-2680 are expected to remain key support on closing basis and we are expecting a price reversal from these levels. Resistance is now seen near 2940 and then at 2970 any sustained move above these levels would bring 3100 and more upside.

High Alert: Crude oil inventory is also due out today Forecast 4.2M against 10.1M Previous. Inventory forecast shows decline in stocks that may be because of rising demand and may support crude prices.

Crude trading range for the day is expected among the key support at 2700 and resistance at 2870.

Recommendation:

Crude Buy on declines around 2750-2700 sl below 2600 (closing basis) trgt 3000-3100-3200

Crude Oil Buying above 2870 sl below 2920 trgt 2930-3020-3070-3120 short term 

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