The Hindu Business Line : Short-term outlook bearish for crude

Crude oil futures turned weak in line with our earlier outlook. The short-term outlook remains bearish and a drop to the support zone at $57-58 a barrel mark appears on the cards. A close below $57 would impart further weakness and could push the crude oil price to $55-55.5. An upward move is likely to face resistance at $61.2-61.5.

Long term outlook

The long-term outlook for crude oil futures remains positive. The prices have unfolded in line with our broad expectations. The next segment of the long-term upward move would commence on the completion of the downward corrective trend that the Crude oil price is presently confined to. On the completion of the corrective phase, crude oil price could move past the highs recorded in August last.

(Note: The above analysis is based on technical analysis of the historical price movement. There is a risk of loss in trading. Feed back on the analysis may be sent to bkumar@thehindu.co.in)

B.Krishnakumar

More Stories on : Technical Analysis | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Demand holds key to sugar futures

Govt to take steps to double farm credit

Plea to build Polavaram project

Rubber futures could stretch their bull run

Coonoor tea prices down

Healthy spray

Downtrend in Kochi tea sale

Gold futures may test higher level

Palm oil likely to test support, rise

Managing risk volatility

Short-term outlook bearish for crude

`Elephant herds and tigers will be happier'

Aluminium seen rising this week

Nafed stops sale of mustard as precaution