Crude oil in on upward journey,everything is supportive for crude oil as of now. Opec supply is at lowest in 4 years as reported by S & P Global Platts survey.
Last week inventory data came little negative for crude oil but that couldn’t hold bulls to take prices up.As we reported in our last report ,
price is now approaching 4350-4400 zone and as the trend suggest we may soon witness 4450-4480 zone to be tested.
Let’s do little technical analysis
Technically crude has successfully sustained above major resistance zone of 4250 in mcx and 62-62.50$ in nymex. Any correction is opportunity for buyers and 4250-4300 zone is now base in mcx and 62.50$ in nymex.
Upper side major resistance zone is 64.20-50$ in nymex and 4450-80 in mcx.
Trend is bullish and buy in deep should be a good strategy but a correction may come in coming session.