Crude oil analysis
Crude oil price trading at 72$, Oil prices trading higher since Monday and now continuing with highs. Energy pack is driving higher by this major commodity. Crude oil trading higher after US inventory came positive for prices. A good support on this major commodity stands at 70$, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in oil price upto 68.80$ – 67.50$ today.
A good resistance on this major commodity chart stands at 73.20$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect more firepower in crude oil price upto 74.70$ – 77$ in upcoming days.
Crude oil analysis conclusion: As stated in our yesterday’s post here. Currently market trading higher due to US inventory which came positive and it has given a good breakout above 72$. Watch out for buy in dips. No sell recommendation for now.
Dollar Index analysis
Dollar Index (DXY) trading at 93.08, currently its trading higher since yesterday. Even major pairs like dollar to yen and other forex pairs trading higher due to greenback rise. Euro to dollar is trading weak since morning. For now a good support on dollar index stands at 92.60, If traders take this base out and manage to sustain trade below our support. Then expect more pressure in this major currency index upto 92.20- 91.80 today.
A good hurdle on DXY stands at 93.30, If traders break this major hurdle and manage to sustain trade above our resistance. Then expect more firepower in dollar index upto 93.70- 94$ and even more rise not ruled out.
Dollar Index analysis: Currently greenback trading in higher range and its positive on chart. Avoid major sell in major forex currencies such as greenback to yen and avoid buy in euro to dollar.
Avoid major buy in gold and silver too as greenback index driving their prices lower.
More will update in next post.