Analysis Report : Crude Oil

Analysis Report : Crude Oil

Overview :
Crude oil is a raw material for the petroleum products. It is the third highest traded script in the world. Majorly crude is produced in gulf countries. India is the one of the highest importer of crude oil. So, due to any variation in crude prices Indian stock market gets impacted.

Technical View :
From last 3 days prices of crude oil is going up along with the rise in volume. On daily chart, crude made a bottom at near 3000 and take a reversal. Since then it is making higher highs and higher lows and moves in uptrend. Recently it gives breakout. On CRUDE MCX chart 4,350 is looking as a strong resistance. Since from 10/6/2016 crude continuously traded below this level. This level act as a long term hurdle for the script. On weekly chart if it closes above this level successfully then 5000 will be on card.

Above 4330 crude can touch 4830 / 5000 in upcoming days .

Good for - Reliance Industry, ONGC and other oil drilling and exploration companies
Bad for   - BPCL, HPCL, IOC, all oil marketing companies, paints, dyes and the companies                           who uses crude as their raw material.



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