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CRUDE October 22 - 26 Outlook

Release Time:2018-10-22 02:10

Market Commentary

Market players are likely to stay focused on global supplies in the week ahead, after oil prices suffered their second consecutive weekly loss, driven lower by indications of swelling U.S. crude stockpiles. U.S. oil inventories climbed 6.5 million barrels last week, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.It was the fourth straight weekly climb that has seen domestic supplies swell by a total of 22 million barrels over that period. President Donald Trump on Thursday acknowledged for the first time that Khashoggi is likely dead and said there would be “very severe” consequences if it was determined that Saudi rulers were behind it, without specifying what they might entail.

Technical Commentary

Correction started exactly from resistance near 72.9. Gann support of 68.5 is still holding and closing below this level will indicate more weakness. Follow the levels given below and create your own trading plan. These levels are very important on closing basis.

MAJOR SUPPORT LEVELS ON CLOSING BASIS ARE:: 68.5 -66.7-65.25-64.2-62.9-60-58.66

MAJOR RESISTANCE LEVELS ON CLOSING BASIS ARE :: 72.9-73.75-74.75-75.30-77