CRUDE OIL DAILY REPORT 03/04/2019

CRUDE OIL MCX 4HR CHART

CRUDE OIL NYMEX 4HR CHART

Crude oil is on bullish trajectory.Price is jumping towards higher levels and soon we may witness much higher price.

What causing this move!!!

Few key factors are ;

1.Slowing shell industry-Shell production is declining and investment in shell industry is not much attractive as it was before.Its giving a signal of much tighter supply in coming days.

2.Collapsing Venezuela-Venezuela production of oil is at bottom and there is very little hope it will improve in near future.

3.-Hedge funds-Hedge funds turned bullish on crude oil.Buying is done by hedge funds and it shows bullish perspective of big money in crude oil.

So now what’s next!!!

Technically,if we observe 4hr chart of nymex, crude oil has successfully breached important level of 62.50$,in mcx 4320 was that price.4 hr nymex chart shows,soon we can see crude oil testing 64$.

4hr mcx chart (ref above) indicates price is about to take another move towards 4350-4450 zone and we may see crude oil to take another rally towards 4450 zone.

Now,Base is 61.50$ in nymex and 4250 in mcx.As long as price holding these levels,bullish sentiments are intact.

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